6116 Martin Luther King Dr Chicago, IL 60637

Property Details for 6116 Martin Luther King Dr

Year built

1905

Property size

44,160 SF

Property type

Apartment buildings

Description

This exceptional 52-unit apartment building, located at 6116 S Martin Luther King Dr in Chicago's Washington Park neighborhood, presents a compelling investment opportunity. Boasting 44,160 square feet of space, with 38,400 square feet net rentable, this property offers a diverse mix of one, two, and three-bedroom apartments. The majority of units feature updated kitchens, bathrooms, and hardwood flooring, enhancing their appeal to renters. Building amenities include secured entry, a spacious central courtyard, and ample off-street parking. Recent capital improvements encompass a new roof, updated central boiler, refurbished porches, and new hot water heaters, minimizing future maintenance concerns. Currently operating at 92.31% occupancy, generating a strong NOI of $397,577 and an 8.11% cap rate, this property offers significant upside potential through market rent increases. The asking price is $4,900,000 ($94,231 per unit, $110.96 per square foot). Its prime location, just four blocks from the University of Chicago and near public transportation, the future Obama Presidential Library, and Woodlawn Central Development, ensures robust rental demand. An attractive feature is the option to assume existing Freddie Mac debt at a favorable 4.11% interest rate. Built in 1905, this well-maintained property represents a rare opportunity to acquire a high-performing multifamily asset in a rapidly appreciating submarket.