6555 South King Drive

Chicago, IL 60637

$2,250,000
Price
48
Beds
24
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Take this opportunity to own a solid brick, 24 unit walk-up apartment building with a very desirable unit mix of all 2bed/1bath units. This property is located in the W. Woodlawn area, and was gutted down to the bricks and completely renovated just a few years ago. In addition to a new roof, new copper plumbing, new electrical, and new gas lines for the building, every unit was rehabbed with hardwood floors, new walls, new kitchens and bathrooms, new windows, in- unit circuit breakers, and individual...Take this opportunity to own a solid brick, 24 unit walk-up apartment building with a very desirable unit mix of all 2bed/1bath units. This property is located in the W. Woodlawn area, and was gutted down to the bricks and completely renovated just a few years ago. In addition to a new roof, new copper plumbing, new electrical, and new gas lines for the building, every unit was rehabbed with hardwood floors, new walls, new kitchens and bathrooms, new windows, in- unit circuit breakers, and individual gas forced air furnaces. There are four separate entrances - one on S. King Drive and the other three on 66th St. - and each one has exposed brick walls and a skylight that floods each entrance and stairway with an abundance of natural light. There are four separate basement entrances accessible through the rear courtyard, and one of these basements has a laundry area with 2 washers and 2 dryers available for tenant use. The Woodlawn area has seen tremendous change over the past few years, with the soon to be completed Obama Presidential Library (2 miles east of this property) driving change in E. Woodlawn, and other developments bringing change to the rest of the community. Just across 66th street from the 3 entrances to this property, the Rev. Corey Brooks and his Project H. O. O. D. are building the new 85,000 sq. ft. Robert R. McCormick Leadership and Economic Opportunity Center. This new community center will teach trades, entrepreneurship, music, and arts. It will also house a swimming pool and have other athletic facilities. There is easily accessible public transportation serving this area, with the CTA green line (light rail line) stop located 2 blocks north of the property and the CTA #3 bus line running north and south down King Drive - with a stop just outside the 6553 entrance to the building.
  1. Listed by David McLennan • Pearson Realty Group

Property Details for 6555 South King Drive

Area
CHI - Woodlawn
LISTING UPDATED: 10/13/2024 12:07 AM

Property Details for 6555 South King Drive

StatusActive
MLS #12125622
Days on Market46
Taxes$37,718 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Multi Family 5+-Other
Year Built1908
Lot Size0.26 AC / 11,224 SF
CountyCook County

Building Information for 6555 South King Drive

Stories3Residences24Year Built1908Building Size-Lot Size0.26 AC / 11,224 SF

Property Information for 6555 South King Drive

General Information
Location and General Information
  • Frontage Type: City Street
  • Information: None
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Window Unit(s)
  • Electric: Circuit Breakers
  • Basement Description: Unfinished
  • Heat/Ventilation: Forced Air
  • # Of Refrigerators: 24
  • Num of Baths: 24.0
Property/Lot Information
  • Tenant Pays: Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: New Rehab
  • Multi-Family Type: Other
  • Lot Dimensions: 92X122
  • Stories: 3
  • Fire Protection: Sprinklers
  • Lot Size Source: Other
  • # Of Ranges: 24
  • Conversion: N
Property and Assessments
  • Possible Use: Condominium
  • Public Document Count: 0
  • Photos Count: 38
  • Deconversion: N
Miscellaneous
  • Current Use: Multi-Family
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 24
Income & Expenses
  • Electric Expense: $10,408.00
  • Fuel Expense: $4,203.00
  • Gross Income: $305,844.00
  • Gross Scheduled Income: $305,844.00
  • Insurance Expense: $11,982.00
  • Maintenance Expense: $7,500.00
  • Manager Expense: $10,429.00
  • Electric Expense Source: Actual
  • Expense Year: 2023
  • Total Annual Expense Source: Combination
  • Fuel Expense Source: Actual
  • Insurance Expense Source: Actual
  • Janitor Expense: 28765
  • Manager Expense Source: AC
  • Other Expense Source: Actual
  • Repairs-Decor Expense Source: Owner Projection
  • Trash Expense Source: Actual
  • Total Monthly Income: 25487
  • Water Expense Source: Actual
  • Net Operating Income: $119,578.00
  • Operating Expense: $165,853.00
  • Other Expense: $27,928.00
  • Trash Expense: $7,534.00
  • Water Sewer Expense: $14,242.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 24
Unit 2
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 0
Unit 3
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 0
Unit 4
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 0
Unit 5
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 0
Unit 7
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 6555 South King Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 6555 South King Drive

Taxable ValueLand$10,101Additions$177,466Total$187,567
Tax Record2022$38,579 ($3,215 / month)
Home Facts
Stories3Lot Size11,224 SqFtStyleMulti-Family Res (5+ Units)Year Built1908CountyCOOKAPN20-22-216-017

Schools near 6555 South King Drive

This home is within Chicago Public Schools.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Charter - 9 to 12
Charter - K to 8
Rating
School
Distance
Dulles Elementary School
PublicPK to 8

Hirsch Metropolitan High School
Public9 to 12

YCCS-Progressive Leadership Acad
Charter9 to 12

CICS Washington Park
CharterK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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6555 South King Drive is a multi-family home for sale in Chicago, IL 60637. This property was listed for sale on October 6, 2024 by Pearson Realty Group, it's currently listed at $2,250,000. It has been on the market for a total of 46 days and was last sold on April 13, 2023. This listing's school district is Chicago Public Schools. Nearby schools include Dulles Elementary School, Hirsch Metropolitan High School and YCCS-Progressive Leadership Acad. 6555 South King Drive is a 48-bed, 24-bath, multi-family home built in 1908.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Pearson Realty Group

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Based on information submitted to the MLS GRID as of 10/13/2024 12:07 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.