17
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$350,000
Est. payment /mo
25,426 SqFt
Active
3957 S King DR Chicago, IL 60653
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UPDATED:
12/03/2024 06:07 AM
Key Details
Property Type Commercial
Sub Type Office/Tech
Listing Status Active
Purchase Type For Sale
Square Footage 25,426 sqft
Price per Sqft $13
MLS Listing ID 12217779
Year Built 1916
Annual Tax Amount $4,487
Tax Year 2023
Lot Dimensions 900
Property Description
Excited to present an exclusive opportunity to acquire a single office/retail condo located in the vibrant neighborhood of Bronzeville, Chicago. Property Details: Location: 3957 S. King Dr. Condo B, Chicago, IL 60653 Square Footage: 900 SF List Price: $350,000 Price per SF: $389/SF Zoning: Commercial B3-3 Current Tenant: Month-to-month lease, paying $1,300/month Pro Forma Rent: $1,500/month Investment Highlights: Location: This retail condo is situated in the historic Bronzeville neighborhood of Chicago, a thriving community known for its cultural significance and revitalization efforts. The area benefits from high foot traffic and proximity to public transportation, local businesses, and residential developments, making it an ideal location for retail tenants. Current Income: The property is currently leased to a tenant on a month-to-month basis, paying $1,300 per month ($15,600 annually). This arrangement provides flexibility for an investor to renegotiate or secure a long-term lease at market rates. Pro Forma Income: The projected market rent for this retail space is $1,500/month, which would generate $18,000 annually. This increase offers an immediate value-add opportunity for an investor looking to boost cash flow. Strong Price per SF: At $389/SF, this property is competitively priced for the Bronzeville market, offering long-term appreciation potential as the neighborhood continues its growth trajectory. Financial Overview: Current Gross Annual Income: $15,600 Pro Forma Gross Annual Income: $18,000 Potential Upside: With a pro forma rent increase of $200/month, the annual rental income could increase by $2,400. Market & Neighborhood Outlook: Bronzeville is experiencing ongoing redevelopment and investment, making it a highly desirable location for retail and mixed-use properties. The retail condo is well-positioned to benefit from the area's growth, driven by new residential projects, cultural attractions, and retail demand. Investors can capitalize on the neighborhood's upward trend while enjoying stable rental income and long-term appreciation. Investment Summary: This 900 SF retail condo at 3957 S. King Dr. Condo B presents a solid investment opportunity with existing cash flow and potential for rental growth. At $350,000, the price is favorable for investors seeking to acquire retail space in a vibrant and growing Chicago neighborhood. With the potential to secure a long-term tenant at a higher rate, the property offers both short-term income and long-term value appreciation.
Location
State IL
County Cook
Area Chi - Grand Boulevard
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Office/Tech
Level or Stories 4
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Listed by Anthony Hardy • Keller Williams ONEChicago
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