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Property profile & analytics

6116 Martin Luther King Dr Chicago, IL 60637

  • Apartment buildings
  • 44,160 SF
OFF-MARKET
Value Estimations
Cap Rate Potential
Location Intelligence

Current Use by Public Records

  • Isalis / Boutique / Women'S Clothing Store
  • Party City / Party Store / Balloon Store
  • Skunk Funk / Wholesaler / Clothing Store
  • Carl's Trading Co / Hat Shop
  • Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop

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.


Value Estimations

based on Realmo’s proprietary methodology
  • AI approach

  • CAP approach

  • Comparable approach

  • Alternative Use


Location Insight

  • Map
  • Local Demand
City
Chicago
County
Cook
State
Illinois
Longitude
-87.6164
Latitude
41.7832
More about this property
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