Montclare Dual-Parcel Redevelopment
2948-2958 N Narragansett Avenue Chicago, IL 60634
2948-2958 N Narragansett Avenue, Chicago, IL, 60634
$1,500,000
For Sale
$1,500,000
Two-unit residential property and commercial site in Chicago's Montclare neighborhood.
Property Size2,837 SF
Lot Size0.35 Acres
Price / SF$528.73
Days on Market221
Property Features for 2948-2958 N Narragansett Avenue
General Information
- Standard status
- Active
- Size
- 2,837 SF
- Lot size
- 0.35 Acres
- Property subtype
- Land or Vacant Lot
Listing Agency
ALLURE REAL ESTATE
(312) 772-2820
Listed by
CECIL SABU · License #471019943
Source
Corcoran
Added: Dec 11, 2025 Checked: Jul 19 at 4:52 am
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 ALLURE REAL ESTATE
Investment Insights
Based on property information with market context.
This offering features a dual-parcel opportunity in Chicago's Montclare neighborhood, combining a renovated two-unit residential income property with a high-visibility corner commercial site. Together, the parcels create a land assemblage of approximately 15,000+ square feet with 120 feet of frontage on Narragansett Avenue. The residential income property, originally constructed in 1920, offers 2,837 square feet of gross building area. Extensive renovations have resulted in a low effective age of approximately 20 years. Updates include newer kitchens, baths, flooring, paint, and fixtures. It features a 6-room, 3-bedroom duplex unit and a 4-room, 1-bedroom garden unit, generating an estimated $3,100 in gross monthly market rent, including water and sewer. The main duplex showcases exotic rare granite kitchen countertops, marble flooring in the kitchen, dining area, and bathroom, marble bathroom tile with heated floors, a separate cooktop, oven, warming drawer, dishwasher, and garbage compactor. The lower level includes marble countertops and full marble bathroom finishes, a luxury walk-in shower with six body sprays, and heated bathroom floors with an overhead heat lamp. Additional features include central air conditioning, hot water baseboard heating, a tankless water heater, detached two-car garage, and outdoor deck space. The adjacent 11,250 square foot rectangular commercial parcel sits on a signalized, high-traffic corner directly on Narragansett Avenue. Improved with a 2,500 square foot one-story masonry and frame commercial building, originally constructed in 1942 and maintained in average condition, the property is currently configured for automotive or heavy commercial use. The commercial structure features 16-foot clear ceiling heights in the shop, two large overhead drive-in doors, dedicated, climate-controlled office space, a fully fenced yard, multiple points of ingress and egress from Narragansett, Wellington Avenue, and the rear alley, and full utility access including water, sewer, gas, and electric. Together, these two parcels form a contiguous 15K+ square foot development site with frontage, alley access, and corner visibility, supporting commercial expansion, an integrated commercial-residential operation, mixed-use redevelopment, or full ground-up redevelopment. This offering combines immediate cash-flow, commercial functionality, and long-term redevelopment optionality in one of Montclare's most visible commercial corridors.
Key Highlights
- Rare dual‑parcel assemblage totaling 15,000+ sq ft with 120 ft frontage on Narragansett Avenue, offering significant redevelopment potential.
- Turn‑key residential income property generating $3,100 gross monthly rent.
- High‑visibility corner commercial parcel suitable for automotive/heavy commercial use.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.5k | $25.20 |
| − Vacancy | −$4.6k | −$1.64 |
| EGI | $66.8k | $23.56 |
| − OpEx | −$20.1k | −$7.07 |
| NOI | $46.8k | $16.49 |
2,837 SF · lease $25.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$668.5K
$584.9K – $779.9K
NOI $46,792 @ 7.0% cap · market cap 3.12%
Second Best
Mixed Use
$618.6K
$541.3K – $721.7K
NOI $43,300 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$773.6K
$676.9K – $902.5K
NOI $54,151 @ 7.0% cap · market cap 3.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Two-unit residential property and commercial site in Chicago's Montclare neighborhood.
Where is this mixed-use property located?
The property is located at 2948-2958 N Narragansett Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Rare dual‑parcel assemblage totaling 15,000+ sq ft with 120 ft frontage on Narragansett Avenue, offering significant redevelopment potential.; Turn‑key residential income property generating $3,100 gross monthly rent.; High‑visibility corner commercial parcel suitable for automotive/heavy commercial use.
