Two-Unit Residential Income
3233 South Morgan Street Chicago, IL 60608
3233 South Morgan Street, Chicago, IL, 60608
$499,500
For Sale
$499,500
Two units each feature two bedrooms plus an additional room, with separate entrances on Morgan St.
Property Size2,700 SF
Price / SF$185
Days on Market419
Property Features for 3233 South Morgan Street
General Information
- Standard status
- Active
- Size
- 2,700 SF
- Property subtype
- Two to Four Units / 2 Flat
Building Details
- Year Built
- 1888
Listing agency
Century 21 Circle
(708) 966-9077
Listed by
Marius Kasniunas · License #475125622
(708) 966-9077
Source
Compass
Added: May 30, 2025 Updated: Jul 21 at 5:08AM Checked: Jul 21 at 5:08AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This two-unit residential income building on South Morgan Street offers two separate entrances on Morgan St., one for each unit. Each unit includes two bedrooms plus an additional room that can be used for an office, nursery, library, or similar flexible space. The building also features newer windows.
A finished basement includes an additional room and a bathroom. The property is described as being in a desirable section of Bridgeport with walkable restaurants and shopping and a short distance from downtown.
The layout supports multiple living arrangements with independent entries for both units, and the finished basement adds usable interior space for tenants or occupants.
A finished basement includes an additional room and a bathroom. The property is described as being in a desirable section of Bridgeport with walkable restaurants and shopping and a short distance from downtown.
The layout supports multiple living arrangements with independent entries for both units, and the finished basement adds usable interior space for tenants or occupants.
Key Highlights
- 2‑unit building built in 1888 on Morgan St in Bridgeport
- Separate entrances on Morgan St for each unit
- Each unit offers 2 bedrooms plus an additional room for use as an office, nursery, or library
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 | $68.0k | $25.20 |
| − Vacancy | −$3.7k | −$1.39 |
| EGI | $64.3k | $23.81 |
| − OpEx | −$19.3k | −$7.14 |
| NOI | $45.0k | $16.67 |
2,700 SF · lease $25.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$643.0K
$562.6K – $750.1K
NOI $45,008 @ 7.0% cap · market cap 9.01%
Second Best
Apartment 5plus
$591.3K
$517.4K – $689.8K
NOI $41,389 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,113 @ 7.0% cap · market cap 17.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two units each feature two bedrooms plus an additional room, with separate entrances on Morgan St.
Where is this duplex located?
The property is located at 3233 South Morgan Street Chicago, IL.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 2‑unit building built in 1888 on Morgan St in Bridgeport; Separate entrances on Morgan St for each unit; Each unit offers 2 bedrooms plus an additional room for use as an office, nursery, or library
