6116 S. King is a newly renovated and pristinely updated fifty-two (52) unit courtyard building located in the Washington Park neighborhood of Chicago's South Side. The asset sits just one (1) block from Washington Park and the 2025 Sunshine Community Center development, and just two (2) blocks away from the CTA Green Line 'El Station,' providing tenants easy, affordable, and quick transportation to and from Chicago's Downtown. 6116 S. King has an incredibly desirable unit mix which is currently comprised of one, two, and three bedroom apartment units. Currently, the building consists of thirty-two (32) 1b/1ba units, fifteen (15) 2b/1ba units, and five (5) incredibly spacious 3b/1ba units - almost 80% of which have been fully renovated in the last 18-24 months to include updated flooring, appliances, kitchens, and baths. Over the past few years, the building has been extensively renovated. Recent capital expenditures include, but are not limited to: a renovated exterior porch system (2023), a new roof (2021), a new central boiler heating system (2020), new hot water heater tanks (2020), significant plumbing updates (2020), lintels (2016), along with an abundance of tuckpointing (2022). 6116 S. King provides the opportunity for an investor to acquire a fifty-two (52) unit property in one of Chicago's most appreciating neighborhoods. From day one, a new investor will capitalize on an incredibly strong tenant base with an in place cap rate of 9% and an abundance of value add opportunities. Solely by moving all rents to levels currently being achieved in the building, there is an opportunity to attain a cap rate of over 11%. Additionally, an investor has the option to assume the awesome existing debt (terms below) through Freddie Mac. ASSUMABLE FINANCING: Buyer has the option to assume the current loan, approximate terms are: - $3,107,447 - 4.11% Rate - 4 Years Remaining
