Presenting an exceptional opportunity in Chicago's Montclare neighborhood for a teardown or can operate until needed this fully updated, two-unit residential multiunit building at 2948 N Narragansett Ave combines investment stability with modern living. Originally constructed in 1920, the property has undergone comprehensive renovations-including newer kitchens, baths, flooring, paint, and fixtures-resulting in a low effective age of only 20 years and a well-maintained condition rating across its 2,837 square feet of gross building area. The structure is optimally configured to maximize income, featuring a main 6-room, 3-bedroom duplexed unit and a separate 4-room, 1-bedroom garden unit, producing an estimated total Gross Monthly Market Rent of $3,100, which includes water and sewer utilities. Interior features contributing to tenant comfort include Central Air Conditioning, Hot Water Baseboard heat, and a tankless water heater, complemented by a detached two-car garage and outdoor deck space. The neighborhood offers strong community amenities, including highly regarded schools like Beard Elementary, Josephine Locke Elementary, and Excel Academy - Southwest High School, along with private institutions such as St. Patrick High School and Chicago Academy High School. Recreational spaces such as Riis Park (featuring tennis courts), Shabbona Park, and Rutherford Sayre Park are nearby, as are local services like the West Belmont Branch Library and various religious institutions and medical facilities. Transportation access is excellent, utilizing adequate CTA bus service networks and convenient proximity to the Mars Metra station. Furthermore, this residential property offers a substantial development benefit as it provides an immediate land assembly opportunity with the adjacent commercial site at 2958 N Narragansett Ave (available separately), which combined would create a total contiguous site of approximately 15,025 square feet of land with 120 feet of street frontage.

Listing Courtesy of MRED as distributed by MLS Grid of ALLURE Real Estate



Based on information submitted to the MLS GRID as of 2025-12-10 06:29 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Last checked: 2025-12-10 06:29 AM UTC
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