This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.
1/7
3428 S King Drive, Chicago, IL 60616
$2,950,000
3428 S King Drive, Chicago, IL 60616View this property at 3428 S King Drive, Chicago, IL 60616
3428 S King DriveChicagoIL60616
This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.
1/7
Property Description
3428 S. King Drive is a beautiful six (6) flat Greystone building in Chicago's Bronzeville neighborhood. The building provides easy access to downtown and is located just a few blocks from Lake Michigan. 3428 S. King is a unique opportunity to obtain a cash-flowing mixed-use property in one of the most desirable pockets of Chicago's south side. The building is comprised of two (2) master lease retail units, two (2) 3BD/2BA & two (2) 4BD/2BA. Recent improvements to the building include but are not limited to: gut-renovated units with modern finishes throughout, central air, individual mechanicals, in-unit washer dryer, updated electric, copper plumbing, and an abundance of tuckpointing and masonry work. From day one, a new investor will realize a cap rate exceeding 8% and cash returns approaching 9%. The retail units have master leases signed that extend through 2027. Through optimizing expenses and raising rents to levels already achieved throughout the building, a new investor can realize a cap rate approaching 9% and cash returns approaching 12%.
Full Property Details
Full Property Details for 3428 S King Dr
General
- Price: $2,950,000
- HOA FEE: $2,550
- Taxes: $20,901 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 12032117
- Updated: 4/23/2024
- Added to Site: 14 day(s) ago
Parking
- Parking Features: 1 to 5 Spaces
Location
- Area: CHI - Douglas
- County: Cook
- Township: South Chicago
- Driving Directions: From Lake Shore Dr, exit onto 31st St and turn west. Turn south on MLK to 3428.
Heating & Cooling
- Cooling Type: None
- Heating Type: Individual Furnaces
Utilities
- Trash: 1680
Structural Information
- Stories/Levels: 3
- Year Built: 1893
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 50 x 125
- Zoning: MULTI
Financial Considerations
- Maint. Fee: $2,550
- Insurance Fee: $3,500
- Operating Expenses: $56,157
- Other Fee: $2,000
- Assessment Year: 1893
- Tax Amount: $20,901
- Tax Year: 2022
- Tenant Pays: Air Conditioning, Electricity, Heat, Hot Water
- Pays Electric: 750
- Pays Trash: 1680
Disclosures and Reports
- Property ID: 17341230590000
Listed by Kiser Group Realty Inc
Get Pre-Approved Today
Get a Great Insurance Rate
Schools
Schools serving 3428 S King Dr
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
3200 S Calumet Ave, Chicago, IL 60616 | PK-8 | 0.3 mi | |
244 E Pershing Rd, Chicago, IL 60653 | 9-12 | 0.5 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 3428 S King Dr
Date
Details
Price
Change
Source
4/16/2024
Listed
$2,950,000
1211.11%
MLS
4/26/2011
Sold
$225,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 3428 S King Dr
Year
Property Taxes
Change
Tax Assessment
Change
2022
$20,902
2%
$101,304
—
2021
$20,432
-3%
$101,304
7%
2020
$21,086
11%
$94,653
—
2019
$19,017
2%
$94,653
—
2018
$18,697
15%
$94,653
26%
2017
$16,192
7%
$75,216
—
2016
$15,065
9%
$75,216
—
2015
$13,783
6%
$75,216
4%
2014
$12,978
57%
$72,515
51%
2013
$8,284
1%
$48,177
—
2012
$8,197
—
$48,177
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 3428 S King Dr
3428 S King Drive, Chicago, IL 60616 (MLS# 12032117) is a Commercial property. 3428 S King Drive is currently listed for $2,950,000 and was received on April 16, 2024. Want to learn more about 3428 S King Drive? Do you have questions about finding other Commercial real estate for sale in Douglas? You can browse all Douglas real estate or contact a Coldwell Banker agent to request more information.