Listed by Kiser Group
$4,150,000
3603 S King Dr
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 22,500
Units 24
Cap Rate 8.00%
Pro-Forma Cap Rate 9.00%
Price per SqFt $184
Year Built 1926
Year Renovated 2025
Buildings 1
Investment Type Stabilized
Multifamily | 8.00% CAP | 24 Units
Marketing description
Kiser Group is pleased to exclusively offer for purchase 3603 S. King Dr., a well-maintained twenty-four (24) unit multifamily asset located in the highly sought-after Bronzeville neighborhood of Chicago’s South Side. The property sits along the historic King Drive corridor and is just minutes from downtown Chicago, providing convenient access to public transportation, retail, and major employment hubs.
3603 S. King features an attractive unit mix consisting of six (6) 3Bd/1Ba units and eighteen (18) 2Bd/1Ba units. The units offer spacious layouts, and each unit is equipped with individual laundry, modern kitchens and bathrooms, enhancing tenant convenience and retention. Recent capital improvements include a new boiler installed in 2025, contributing to the overall efficiency and reliability of the building.
The property presents a compelling investment opportunity with an in-place cap rate of 7.58% and a current cash-on-cash return of 8.15%. Through continued management and strategic rent increases, an investor has the opportunity to achieve a projected cap rate of 9.15% and a cash return of 14.45%. With strong in-place income in a rapidly appreciating neighborhood, 3603 S. King offers a stable, cash-flowing asset with meaningful upside.
Investment highlights
- Eighteen (18) 2Bd/1Ba & Six (6) 3Bd/1Ba Units
- Updated Units w/ Modern Kitchens & Baths & In-Unit Laundry
- New Boiler (2025) w/ R&D Control System
- Prime Bronzeville Location
Listing Contacts
Listed by Kiser Group
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