Chicago Portfolio: Tow Yard and
2948-2958 N Narragansett Avenue Chicago, IL 60634
2948-2958 N Narragansett Avenue, Chicago, IL, 60634
$3,500,000
For Sale
$3,500,000
Operating tow yard, income property, and industrial yard for sale.
Property Size8,525 SF
Lot Size1.18 Acres
Price / SF$410.56
Days on Market190
Property Features for 2948-2958 N Narragansett Avenue
General Information
- Standard status
- Active
- Size
- 8,525 SF
- Lot size
- 1.18 Acres
- Property subtype
- Commercial
Listing agency
ALLURE REAL ESTATE
(312) 772-2820
Listed by
CECIL SABU · License #471019943
Source
Corcoran
Added: Jan 12 Updated: Jul 10 at 12:57PM Checked: Jul 21 at 5:43AM
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 presents a rare opportunity to acquire an operating tow yard business along with a multi-site Chicago real estate portfolio, encompassing three distinct properties. The portfolio includes a commercial site and adjacent income-producing two-flat located at 2958 N Narragansett Ave and 2948 N Narragansett Ave in Montclare, as well as an industrial yard at 11629 S Green St in West Pullman. The Montclare commercial parcel, situated on a signalized, high-traffic corner, totals approximately 11,250 square feet and features an approximately 2,500-square-foot one-story masonry/frame building suitable for automotive or heavy commercial use. It boasts 16-foot clear ceiling heights, two oversized drive-in doors, a climate-controlled office, a fully fenced yard, and multiple access points, along with full utilities. The adjacent two-flat building features two units: a 3-bedroom duplex and a 1-bedroom garden unit, generating an estimated $3,100 per month in gross market rent. Premium finishes include granite/marble surfaces, heated bathroom floors, luxury shower features, central A/C, hot water baseboard heat, tankless water heater, deck space, and a detached 2-car garage. The combined Narragansett parcels provide approximately 15,000+ square feet with 120 feet of frontage, corner visibility, and redevelopment/expansion potential. The West Pullman industrial yard, zoned M2-1 Light Industry, includes an approximately 8,525-square-foot one-story masonry industrial building on a 51,563-square-foot fenced site, ideal for secure storage or parking. Improvements include approximately 18-foot clear ceilings, two overhead doors, ceiling-hung heat, and an office area with gas forced air and central A/C, plus a kitchen and two bathrooms. Utilities are available, and the site is located in FEMA Zone X. Excellent regional access is provided via I-57 and nearby Halsted routes. This portfolio is ideal for owner-users or investors seeking business and real estate, income, and industrial/commercial flexibility.
Key Highlights
- Operating tow yard business and multi‑site Chicago real estate portfolio with appraised value of $3,500,000.
- High‑visibility commercial corner location on Narragansett Avenue with approximately 11,250 SF parcel, featuring a 2,500 SF building.
- Income‑producing, fully renovated two‑flat building generating an estimated $3,100/month gross market rent.
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 | $214.8k | $25.20 |
| − Vacancy | −$14.0k | −$1.64 |
| EGI | $200.9k | $23.56 |
| − OpEx | −$60.3k | −$7.07 |
| NOI | $140.6k | $16.49 |
8,525 SF · lease $25.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$2.01M
$1.76M – $2.34M
NOI $140,606 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$1.86M
$1.62M – $2.16M
NOI $129,854 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,721 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Truck stops
Similar For Sale Nearby
FAQs
What type of property is this?
Truck stop - Operating tow yard, income property, and industrial yard for sale.
Where is this truck stop 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 $3,500,000.
What are key features of this property?
This property features: Operating tow yard business and multi‑site Chicago real estate portfolio with appraised value of $3,500,000.; **High‑visibility commercial corner location** on Narragansett Avenue with approximately 11,250 SF parcel, featuring a 2,500 SF building.; Income‑producing, fully renovated two‑flat building generating an estimated $3,100/month gross market rent.
