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3603-3609 S King Dr 24 Unit Apartment Building $4,150,000 ($172,917/Unit) Chicago, IL 60653
Investment Highlights
- Eighteen (18) 2Bd/1Ba & Six (6) 3Bd/1Ba Units
- New Boiler (2025) w/ R&D Control System
- Updated Units w/ Modern Kitchens & Baths & In-Unit Laundry
- Prime Bronzeville Location
Executive Summary
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.
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.
Property Facts
| Price | $4,150,000 | Building Class | C |
| Price Per Unit | $172,917 | Lot Size | 0.27 AC |
| Sale Type | Investment | Building Size | 22,092 SF |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | Cross Streets | 37th St |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R | ||
| Price | $4,150,000 |
| Price Per Unit | $172,917 |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 22,092 SF |
| No. Stories | 3 |
| Year Built | 1926 |
| Cross Streets | 37th St |
| Opportunity Zone |
Yes |
| Zoning | R |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 18 | - | 900 |
| 3+1 | 6 | - | 1,050 |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Strong public transit
80/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $193,803 | |
| Land Assessment | $51,113 | Total Assessment | $244,916 |
Property Taxes
Parcel Numbers
Land Assessment
$51,113
Improvements Assessment
$193,803
Total Assessment
$244,916
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3603-3609 S King Dr
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