6106-6114 S King Dr

Kiser Group is pleased to exclusively offer for purchase the sale of 6100 S. King, a meticulously maintained, turnkey, eighteen (18) unit property located in the Washington Park neighborhood of Chicago’s South Side. The building sits on its historic Martin Luther King Drive and is just one (1) block from Washington Park. Additionally, the building sits just two (2) blocks north of the King Drive ‘El’ train stop, which provides tenants with direct, affordable, and easy access to and from Chicago’s downtown.
6100 S. King has an incredibly desirable unit mix composed solely of two bedroom apartments along with a commercial component. Currently, the building is consists of fifteen (15) ‘four room bedrooms,’ all being used as 2b/1ba apartments, and three (3) commercial storefronts. All of which, however, have been tastefully rehabbed and feature a varying degree of renovation. All of the units contain updated kitchens and baths, and many also feature exposed brick. Additional improvements to the building consist of, but are not limited to, updated electric (400 amps), an updated and modern central Peerless boiler along with an R&D control system, copper plumbing, steel porches, along with an abundance of roof work.
6100 S. King presents an investor with an incredibly opportunity to acquire a stabilized, renovated, and strong cash flowing asset in one of Chicago’s most desirable and up-and-coming neighborhoods. From day one, an investor will realize an in-place cap rate of 10% along with a very clear value add component. Solely through improved leasing and management and stabilizing the rent roll at levels currently being achieved in the building, there is an opportunity to achieve over a 12% cap rate. Should a new investor focus on a more subsidized tenants base, these return scan be even further exceeded.