11343 S King Dr 13 Unit Apartment Building $975,000 ($75,000/Unit) 9.44% Cap Rate Chicago, IL 60628

Kiser Group is pleased to exclusively offer for purchase 11343 S. King Dr, a thirteen (13) unit walk-up located in Chicago's historic Pullman neighborhood. The building sits on a quiet, two-way street less than one (1) block away from Palmer Park, which features sporting facilities, a fitness center, and an outdoor swimming pool. The property is also less than two (2) blocks away from the Kensington Metra station, providing easy access to the Lakeshore and downtown.
11343 S. King Dr is comprised of nine (9) 1Bd/1Ba, three (3) 2Bd/1Ba, and one (1) 3Bd/1Ba units. All of the units have been extensively updated with hardwood flooring, updated kitchen and baths, and stone countertops. However, the 3Bd/1Ba garden unit is currently ‘down’ and is need of a turn prior to bringing it back to ‘rent ready’ condition. Furthermore, the property has also undergone multiple capex improvements under current ownership. These include a modern Peerless boiler w/ R&D control system, an updated and newer roof layer, recent masonry and tuckpointing work, and updated & code compliant porches.
11343 S. King Dr presents an investor with a rare opportunity to acquire a well maintained building in an appreciating pocket of Pullman. Through improved leasing and bringing the garden unit to rent-ready condition, a new owner could reach a cap rate of over 9% and a cash-on-cash return of over 15%.