Turnkey Mixed-Use Income
For Sale
$1,395,900
3222-3224 South Morgan Street, Chicago, IL 60608
Turnkey 9-unit mixed-use building with separately metered apartments and two retail storefronts.
Property Size5,269 SF
Price / SF$264.93
Days on Market290
Property Features for 3222-3224 South Morgan Street
General Information
Standard status
Active
Size
5,269 SF
Additional Details
Highway Access
Yes
Multifamily Units
7
Building Details
Year Built
1891
Tenancy
Multi
Listing Agency:
Avenue 1 Realty Group
(312) 719-9090
Listed By:
Ronald Ohr · License #471020729
(312) 719-9090
Source:
Compass
Added: Oct 14, 2025
Changed: Jul 23
Last Checked: Jul 24 at 12:25PM
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 Avenue 1 Realty Group
Investment Insights
Based on property information with market context.
Turnkey 9-unit mixed-use property featuring three 2BD/1BA apartments, four 1BD/1BA apartments, and two retail storefronts. The 3222 storefront and one 1R unit are currently combined and leased to a single tenant, and can be converted back to separate spaces. Each unit is separately metered for gas and electric, with heating supplied by a mix of furnaces and Williams heaters; commercial units and 2F have furnaces with A/C condensers.
The property includes major recent improvements, including a full gut rehab of Unit 2F with new plumbing, electrical, and HVAC, along with storefront cosmetic updates in 2024. Additional work includes two new furnaces (2024), new water heaters, copper plumbing in select areas, electrical upgrades, and a new basement coin laundry with two washers and two dryers.
Off I-55 and I-90/94, the building is located minutes from Downtown, with walking access to Guaranteed Rate Field and public transit. Existing rear access includes a gate, and the seller notes that a parking pad could be added to create additional parking revenue.
The property includes major recent improvements, including a full gut rehab of Unit 2F with new plumbing, electrical, and HVAC, along with storefront cosmetic updates in 2024. Additional work includes two new furnaces (2024), new water heaters, copper plumbing in select areas, electrical upgrades, and a new basement coin laundry with two washers and two dryers.
Off I-55 and I-90/94, the building is located minutes from Downtown, with walking access to Guaranteed Rate Field and public transit. Existing rear access includes a gate, and the seller notes that a parking pad could be added to create additional parking revenue.
Key Highlights
- 9‑unit mixed‑use building (1891) with three 2BD/1BA apartments, four 1BD/1BA apartments, and two retail storefronts
- 3222 storefront and 1R unit are currently combined and leased to one tenant; can be converted back to separate spaces
- Apartments and commercial units are separately metered for gas and electric; heating includes a mix of furnaces and Williams heaters
Financial Insights For Apartment 5plus
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 | $154.9k | $29.40 |
| − Vacancy | −$8.1k | −$1.53 |
| EGI | $146.9k | $27.87 |
| − OpEx | −$66.1k | −$12.54 |
| NOI | $80.8k | $15.33 |
5,269 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.01M – $1.35M
NOI $80,769 @ 7.0% cap · market cap 5.79%
Second Best
Retail
$1.04M
$911.2K – $1.21M
NOI $72,896 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$2.48M
$2.17M – $2.90M
NOI $173,902 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,670
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 9-unit mixed-use building with separately metered apartments and two retail storefronts.
Where is this apartment building located?
The property is located at 3222-3224 South Morgan Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,395,900.
What are key features of this property?
This property features: 9‑unit mixed‑use building (1891) with three 2BD/1BA apartments, four 1BD/1BA apartments, and two retail storefronts; 3222 storefront and 1R unit are currently combined and leased to one tenant; can be converted back to separate spaces; Apartments and commercial units are separately metered for gas and electric; heating includes a mix of furnaces and Williams heaters
