6553 King Dr Chicago, IL 60619

Property Details for 6553 King Dr

Year built

1908

Property type

Apartment buildings

Description

This exceptional 24-unit apartment building, located at 6553 S King Dr, Chicago, IL 60619, presents a compelling investment opportunity. Built in 1908 and extensively renovated in 2022, this three-story, solid brick structure boasts a desirable unit mix of 24 two-bedroom, one-bathroom apartments. Each unit features hardwood floors, updated kitchens and bathrooms, new windows, and individual gas forced-air furnaces. The building includes four separate entrances, three on 66th St. and one on S. King Drive, each enhanced by exposed brick walls and skylights. A shared laundry facility with two washers and two dryers is conveniently located in one of the four basement areas accessible via the rear courtyard. The property sits on an 11,224 sq ft lot and is zoned C1-2. The asking price is $2,250,000, representing a price per unit of $93,750. The current NOI is $119,578, with a pro-forma NOI of $166,690, yielding a current cap rate of 5.31% and a pro-forma cap rate of 7.41%. The property benefits from its location in the Woodlawn area, near the soon-to-be-completed Obama Presidential Library and the upcoming Robert R. McCormick Leadership and Economic Opportunity Center. Convenient public transportation is readily available, with a CTA Green Line stop two blocks north and a CTA #3 bus stop directly outside the building. This is a turnkey investment opportunity with significant upside potential in a rapidly developing neighborhood. The Cook County APN is 20222160170000.