Narragansett Avenue Commercial
2958 N Narragansett Avenue Chicago, IL 60634
2958 N Narragansett Avenue, Chicago, IL, 60634
$1,000,000
For Sale
$1,000,000
Commercial property with auto repair building on a corner lot.
Property Size2,500 SF
Lot Size0.26 Acres
Price / SF$400
Days on Market224
Property Features for 2958 N Narragansett Avenue
General Information
- Standard status
- Active
- Size
- 2,500 SF
- Lot size
- 0.26 Acres
- Property subtype
- Land or Vacant Lot
Listing agency
ALLURE REAL ESTATE
(312) 772-2820
Listed by
ADAM LENCHNER · License #475191332
Source
Corcoran
Added: Dec 10, 2025 Updated: Jul 6 at 10:16AM Checked: Jul 21 at 5:35AM
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.
Located in Chicago's Montclare neighborhood, the property at 2958 N Narragansett Ave is a commercial asset situated on a corner, signalized site. The rectangular parcel spans 11,250 square feet (90 X 125) and features a one-story, 2,500-square-foot masonry and frame building constructed in 1942. The building is currently maintained in average overall condition. The property's highest and best use is its continued operation as a commercial development. The structure includes 16-foot clear ceilings in the shop area, two large overhead doors, dedicated small office space with separate climate control, and a fully fenced yard. Access is available from Narragansett, Wellington Avenue, and a rear alley with multiple curb cuts. Normal utilities, including sewer, water, gas, and electricity, are available. The commercial parcel offers an immediate land assembly opportunity with the adjacent residential income property at 2948 N Narragansett Ave, which is separately available for purchase. Consolidating both adjacent parcels creates a contiguous site totaling approximately 15,000+ square feet of land, offering estimated overall combined dimensions of 120 feet of frontage on Narragansett by 125 feet deep. The neighboring 2948 N Narragansett property is a complementary two-unit residential multi-family building totaling 2,837 square feet of gross building area, featuring recent updates and would generate an estimated $3,100 gross monthly market rent from its two units (a 1-bedroom garden unit and a 3-bedroom duplexed unit). This combined offering presents potential for an integrated commercial operation, expansion, or ground-up redevelopment.
Key Highlights
- High‑visibility corner location on Narragansett Avenue.
- Land assembly opportunity with adjacent residential property for a combined 15,000+ sq ft site.
- Turn‑key commercial structure with 16‑foot clear ceilings, two overhead doors, and a fenced yard, ideal for motor vehicle users.
Local Financial Insights For Retail
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 | $54.0k | $21.60 |
| − Vacancy | −$4.4k | −$1.77 |
| EGI | $49.6k | $19.83 |
| − OpEx | −$14.9k | −$5.95 |
| NOI | $34.7k | $13.88 |
2,500 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$495.7K
$433.8K – $578.3K
NOI $34,700 @ 7.0% cap · market cap 3.47%
Second Best
Industrial
$153.7K
$134.5K – $179.4K
NOI $10,762 @ 7.0% cap · market cap 1.08%
Theoretical Best
Office A
$681.7K
$596.5K – $795.3K
NOI $47,719 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Auto shops
Similar For Sale Nearby
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- Got Tint Chicago Window Tint — 6907 W Grand Ave, Chicago, IL 60707
- Hyundai Service - McGrath City Hyundai — 6750 W Grand Ave, Chicago, IL 60707
FAQs
What type of property is this?
Auto shop - Commercial property with auto repair building on a corner lot.
Where is this auto shop located?
The property is located at 2958 N Narragansett Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: High‑visibility corner location on Narragansett Avenue.; Land assembly opportunity with adjacent residential property for a combined 15,000+ sq ft site.; Turn‑key commercial structure with **16‑foot clear ceilings, two overhead doors, and a fenced yard**, ideal for motor vehicle users.
