Turnkey Fully Leased 3-Unit
3116 West Montrose Avenue Chicago, IL 60618
3116 West Montrose Avenue, Chicago, IL, 60618
$849,900
For Sale
$849,900
Gut-rehabbed three-unit building with separate entrances, including a small commercial space and a three-car parking pad.
Property Size3,125 SF
Price / SF$271.97
Days on Market12
Property Features for 3116 West Montrose Avenue
General Information
- Standard status
- Active
- Size
- 3,125 SF
Building Details
- Year Built
- 1915
Listing agency
@properties Christie's International Real Estate
(312) 550-5553
Listed by
Rob Sikkel · License #475141792
(312) 550-5553
Source
Compass
Added: Jul 11 Updated: Jul 21 at 5:43PM Checked: Jul 22 at 11:17AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This turnkey, fully leased three-unit property has been gut-rehabbed and re-imagined, including a new brick and limestone facade. The building features multiple separate entrances, with Unit 2 occupying the entire second level as a 1,250 SF three-bedroom, three-bath configuration leased through spring of 2027. Unit 1R is an 800 SF two-bedroom, two-bath unit with its own entrance, also leased through spring of 2027. Unit 1F includes a 500 SF commercial space with stairs down to an unfinished basement.
A parking pad in the back provides space for 3 cars. The property is undergoing final details but is ready to show.
The developer is offering a 2-year lease term for the commercial space at $2,500 per month, with the option to deliver the space vacant.
A parking pad in the back provides space for 3 cars. The property is undergoing final details but is ready to show.
The developer is offering a 2-year lease term for the commercial space at $2,500 per month, with the option to deliver the space vacant.
Key Highlights
- Gut‑rehabbed 3‑unit building (built 1915) with new brick and limestone facade on Chicago’s North Side.
- Total current rent: $8,650 per month; all units leased through spring 2027 (except commercial lease structure).
- Unit 2: 1,250 SF 3 bed/3 bath on the entire second level with its own entrance, leased at $3,650/month through spring 2027.
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 | $76.9k | $24.60 |
| − Vacancy | −$5.0k | −$1.60 |
| EGI | $71.9k | $23.00 |
| − OpEx | −$21.6k | −$6.90 |
| NOI | $50.3k | $16.10 |
3,125 SF · lease $24.60/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$718.8K
$628.9K – $838.6K
NOI $50,315 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$646.7K
$565.9K – $754.5K
NOI $45,269 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$1.37M
$1.19M – $1.59M
NOI $95,576 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Gut-rehabbed three-unit building with separate entrances, including a small commercial space and a three-car parking pad.
Where is this triplex located?
The property is located at 3116 West Montrose Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Gut‑rehabbed 3‑unit building (built 1915) with new brick and limestone facade on Chicago’s North Side.; Total current rent: $8,650 per month; all units leased through spring 2027 (except commercial lease structure).; Unit 2: 1,250 SF 3 bed/3 bath on the entire second level with its own entrance, leased at $3,650/month through spring 2027.
