REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

Thu

Jan

Fri

Jan

Sat

Jan

Cecil Sabu

csabu@allure.realestate +1(312) 772-2820

$ 475,000

Est. payment -/mo

Save

Active Under Contract

10947 S King DR Chicago, IL 60628

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active Under Contract

Purchase Type For Sale

MLS Listing ID 12472004

Year Built 1924

Annual Tax Amount $5,287

Tax Year 2023

Lot Dimensions 5,938

Property Sub-Type Multi Family 5+

Property Description

Proud to present the exclusive offering of 10947 S. King Drive, a six-unit multifamily property strategically located in Chicago, Illinois. This asset features six expansive two-bedroom, one-bathroom apartments, each averaging 1,400 square feet, for a total building size of 8,709 square feet. The property is offered at $475,000, representing an attractive basis of $79,167 per unit and $55 per square foot-well below replacement cost and highly competitive for the submarket. Currently, the property produces a net operating income (NOI) of $36,983, supported by average in-place rents of $1,005 per unit. This equates to a cap rate of 7.79% and a gross rent multiplier (GRM) of 6.56, providing investors with strong immediate cash flow. However, the true value of this opportunity lies in its compelling value-add strategy. With a targeted renovation investment of $10,000 per unit-or $60,000 in total-an investor can reposition the asset by updating interiors to meet market expectations. These improvements unlock higher market rents averaging $1,500 per unit, increasing gross potential income and elevating the NOI to a pro forma $68,356. At stabilization, the property achieves a pro forma cap rate of 12.78% and reduces the GRM to 4.95, reflecting a highly efficient and profitable multifamily investment. The property's fundamentals further enhance its appeal. Each apartment offers exceptionally large floorplans compared to typical two-bedroom units in the area, providing a competitive advantage in tenant retention and reducing turnover. The expansive layouts are ideal for families and working professionals, ensuring broad tenant demand and positioning the property as a long-term rental option. The combination of oversized units, affordable pricing, and an easily executable renovation plan creates a rare investment profile: immediate income, clear upside potential, and long-term appreciation. From an investor's perspective, 10947 S. King Drive delivers on multiple fronts. The affordable entry point minimizes acquisition risk, while the renovation strategy is straightforward and capital-light, avoiding costly mechanical or structural upgrades. The property's in-place cash flow ensures near-term stability, and the projected double-digit returns provide exceptional upside. With strong fundamentals, proven value-add potential, and an advantageous price per unit, this offering represents an outstanding opportunity for both seasoned investors and those looking to enter the multifamily space with a high-yielding asset.

Location

State IL

County Cook

Area Chi - Roseland

Interior

Fireplace N

Building

Dwelling Type Multi Family 5+

Listed by Anthony Hardy of Keller Williams ONEChicago

SCHOOLSPROPERTIES

Elementary Schools 20

10

McDade Elementary Classical School

Public | KG - 6
10

Poe Elementary Classical School

Public | KG - 6
9

Earhart Options for Knowledge Elementary School

Public | KG - 6
8

McDowell Elementary School

Public | KG - 5
6

Turner-Drew Elementary Language Academy

Public | KG - 8
5

Barnard Elementary School

Public | KG - 8
5

Whistler Elementary School

Public | PK - 8
5

Kipling Elementary School

Public | KG - 8
5

R. Brown Elementary Community Academy

Public | PK - 8
5

Burnside Elementary Scholastic Academy

Public | PK - 8
5

Hoyne Elementary School

Public | KG - 6
4

W. Green Elementary School

Public | KG - 8
4

Higgins Elementary Community Academy

Public | PK - 8
4

M. Garvey Elementary School

Public | KG - 8
4

Fernwood Elementary School

Public | PK - 8
4

Dunne Technology Academy

Public | PK - 8
4

Evers Elementary School

Public | KG - 8
4

Haley Elementary Academy

Public | PK - 8
4

Bennett Elementary School

Public | KG - 8
4

Black Magnet Elementary School

Public | KG - 8

Middle Schools 2

5

Calumet Elementary School

Public | 6 - 8
0

Banner Therapeutic Day School

Private | 7 - 12

High Schools 9

10

Brooks College Preparatory Academy High School

Public | 9 - 12
6

Fenger Academy High School

Public | 9 - 12
6

Harlan Community Academy High School

Public | 9 - 12
6

Carver Military Academy High School

Public | 9 - 12
5

Julian High School

Public | 9 - 12
4

Corliss High School

Public | 9 - 12
3

Chicago Vocational Career Academy High School

Public | 9 - 11
0

Chicago Excel Academy High School

Public | 9 - 12
0

Banner Academy South

Private | 9 - 12

School and business data provided by Attom Data.

Cecil Sabu

Designated Managing Broker & Loan Originator | License ID: 471.019943 | NMLS ID: 2111992

+1(312) 772-2820

Cecil Sabu

10947 S King DR Chicago, IL 60628

Key Details

Location

Interior

Building

GET MORE INFORMATION

Go tour this home

10947 S King DR