Six-Unit Apartment
For Sale
$1,290,000
3320 S Carpenter St, Chicago, IL 60608
Brick multifamily property with shared laundry, tenant storage, and additional loft-style studio space.
Property Size4,008 SF
Price / SF$321.86
Days on Market48
Property Features for 3320 S Carpenter St
General Information
Standard status
Active
Size
4,008 SF
Property subtype
Multi-Family
Units
Unit Mix
5 x 2BR/1BA, 1 x studio, 2 x loft-style studio
Multifamily Units
8
Amenities
shared laundry
tenant storage
Building Details
Year Built
1895
Buildings
2
Construction
brick
Listing Agency:
Sperry Van Ness
Listed By:
Angelo Labriola · License #475130926
(312) 676-1866
Source:
Saladinosells
Added: Aug 30
Changed: Oct 6
Last Checked: Oct 6 at 12:55AM
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 Sperry Van Ness
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Investment Insights
Based on property information with market context.
Built in 1895, this 4,008-square-foot brick apartment property includes six legal dwelling units: five two-bedroom, one-bath apartments and one studio. Two additional large loft-style studio units are identified as non-conforming, creating possible avenues for reconfiguration or legalization subject to zoning and municipal approval.
The building includes a full basement with shared laundry facilities and tenant storage. A separate rear brick structure adds another component for evaluation, with potential conversion to a garage, adaptation as an additional ADU, or removal to expand the parking area, subject to applicable approvals. The property is located on S Carpenter Street in Chicago’s Bridgeport neighborhood.
The building includes a full basement with shared laundry facilities and tenant storage. A separate rear brick structure adds another component for evaluation, with potential conversion to a garage, adaptation as an additional ADU, or removal to expand the parking area, subject to applicable approvals. The property is located on S Carpenter Street in Chicago’s Bridgeport neighborhood.
Key Highlights
- Six legal apartment units: five two‑bedroom/one‑bath units and one studio
- Two large non‑conforming loft‑style studio units
- 4,008 square feet in a brick building constructed in 1895
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,439
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,228,780
$1.2M
Cap Rate 7%
$877,700
$877.7K
Cap Rate 9%
$682,656
$682.7K
Market Conditions
NOI Build-Up for 4,008 SF
Gross rent
$117.8K $29.40/SF
− Vacancy
−$6.1K −$1.53/SF
EGI
$111.7K $27.87/SF
− OpEx
−$50.3K −$12.54/SF
NOI
$61.4K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,228,780
Cap Rate 7%
$877,700
Cap Rate 9%
$682,656
Alternative Uses
Best Use
Apartment 5plus
$877.7K
$768.0K – $1.02M
NOI $61,439 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,283 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,687
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with shared laundry, tenant storage, and additional loft-style studio space.
Where is this apartment building located?
The property is located at 3320 S Carpenter St Chicago, IL.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Six legal apartment units: five two‑bedroom/one‑bath units and one studio; Two large non‑conforming loft‑style studio units; 4,008 square feet in a brick building constructed in 1895
