Bridgeport 7-Unit Corner Apartment
2935 S Throop St, Chicago, IL 60608
Well-maintained 7-unit building with upside potential in thriving Bridgeport.
Type:Multifamily
Property size:
6,440 SFPrice / SF:
$197/SF- Added:
- Nov 21, 2025
- Days on Market:
- 183
- Last Refresh:
- Dec 4 at 8:52 pm
Property Features for 2935 S Throop St
General Information
- Standard status
- Active
- Size
- 6,440 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1890
Listing agent Kevin Conolty License #IL 475130924
Listing office The Cutting Edge (312) 676-1878
Listing date Nov 21, 2025
Source Svnchicago
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of The Cutting Edge
HighLights
- Significant Revenue Upside: Below‑market rents offer immediate potential for increased income.
- Prime Corner Location: Highly visible and accessible location at Throop Street and 29th Street in Bridgeport.
- Strong Cash Flow: Tenant‑paid utilities and low operating expenses ensure a high‑yield, low‑maintenance asset.
- Convenient Transportation: Short walk to CTA Orange Line and easy access to I‑55 and I‑90/94 expressways.
- Updated Units: Recently updated units attract quality tenants and minimize immediate renovation costs.
- Reduced Property Taxes: Successful 2024 tax appeal lowers the property tax burden.
Overview
Located at the corner of Throop Street and 29th Street in Chicago’s Bridgeport neighborhood, this 7-unit brick apartment building offers an investment opportunity. The property features spacious 1, 2, and 3-bedroom units, recently updated. The building has an annual rental income of $110,280. Rents are currently below market value. Tenant-paid utilities and low operating expenses contribute to strong cash flow. A successful 2024 tax appeal resulted in a reduced property tax burden. The corner location provides visibility and accessibility. The property is located a short walk from the CTA Orange Line’s Halsted Station, providing access to Midway Airport and downtown Chicago’s Loop. Proximity to I-90/94 and I-55 ensures commutes to the broader Chicagoland area. Retail corridors along Halsted and Morgan Streets offer dining, shopping, and entertainment options. McGuane Park and Palmisano Park are nearby, providing green spaces, sports facilities, and scenic views. The full basement and property size is 6440 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.10M
NOI $98,720 @ 9.00% cap · cautious / downside scenario
Moderate
$1.41M
NOI $98,720 @ 7.00% cap · market / base-case scenario
Aggressive
$1.97M
NOI $98,720 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $189.3k | $29.40 |
| − Vacancy | −$9.8k | −$1.53 |
| EGI | $179.5k | $27.87 |
| − OpEx | −$80.8k | −$12.54 |
| NOI | $98.7k | $15.33 |
6,440 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.41M
$1.23M – $1.65M
NOI $98,720 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.54M
NOI $212,551 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6513
- Latitude
- 41.8407
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FAQs
What type of property is this?
Apartment building - Well-maintained 7-unit building with upside potential in thriving Bridgeport.
Where is this apartment building located?
The property is located at 2935 S Throop St Chicago, IL.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Significant Revenue Upside: Below‑market rents offer immediate potential for increased income.; Prime Corner Location: Highly visible and accessible location at Throop Street and 29th Street in Bridgeport.; Strong Cash Flow: Tenant‑paid utilities and low operating expenses ensure a high‑yield, low‑maintenance asset.
