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    Chicago Portfolio: Tow Yard and More Title is generated by Realmo AI

    2948-2958 N Narragansett Avenue, Chicago, IL 60634

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    For Sale
    $3,500,000

    Operating tow yard, income property, and industrial yard for sale.

    Type:Commercial
    Property size:
    8,525 SF
    Lot size:
    1.18 Acres
    Price / SF:
    $410/SF
    Added:
    Jan 12, 2026
    Days on Market:
    144
    Last Refresh:
    Apr 5 at 8:20 pm

    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

    We can help!

    Listing Contact
    CECIL SABU
    CECIL SABU

    Listing agent CECIL SABU License #471019943

    Listing office ALLURE REAL ESTATE

    Listing date Jan 12, 2026

    Source Corcoran

    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

    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.
    • Industrial‑zoned yard in West Pullman (M2‑1) with an 8,525 SF building on a 1.18‑acre fenced site.
    • Combined Narragansett parcels offer approximately 15,000+ SF with 120' of frontage.
    • Montclare commercial site features 16' clear ceiling heights.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Truck stops

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7862
    Latitude
    41.9343

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    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.
    (312) 772-2820
    We can help!
    Listing Contact
    CECIL SABU
    CECIL SABU
    Real Estate License ID: 471019943
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2948-2958 N Narragansett Avenue, Chicago, IL 60634
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