2948-2958 N Narragansett Avenue

Description

Presenting a rare dual-parcel opportunity in Chicago's Montclare neighborhood, offering both a fully renovated two-unit residential income property and a high-visibility corner commercial site, creating a combined land assemblage of approximately 15,000+ square feet with 120 feet of frontage on Narragansett Avenue. Residential Income Property (Two-Unit Building) Originally constructed in 1920, this fully updated two-unit residential building offers 2,837 square feet of gross building area with a low effective age of approximately 20 years due to extensive renovations. Updates include newer kitchens, baths, flooring, paint, and fixtures. The building consists of a 6-room, 3-bedroom duplex unit and a 4-room, 1-bedroom garden unit, generating an estimated $3,100 in gross monthly market rent, including water and sewer. The main duplex showcases luxury finishes throughout, including: Exotic rare granite kitchen countertops Marble flooring in the kitchen, dining area, and bathroom Marble bathroom tile with heated floors Separate cooktop, oven, warming drawer, dishwasher, and garbage compactor The lower level is equally elevated with: Marble countertops and full marble bathroom finishes Luxury walk-in shower with six body sprays Heated bathroom floors and an overhead heat lamp Additional features include central air conditioning, hot water baseboard heating, a tankless water heater, detached two-car garage, and outdoor deck space, offering both tenant comfort and long-term durability. Commercial Corner Parcel The adjacent 11,250 square foot rectangular commercial parcel (approximate dimensions 90' x 125') sits on a signalized, high-traffic corner directly on Narragansett Avenue. The site is improved with a 2,500 square foot one-story masonry and frame commercial building, originally constructed in 1942 and maintained in average condition. The property is currently configured for automotive or heavy commercial use, which is considered its highest and best use. The commercial structure features: 16-foot clear ceiling heights in the shop Two large overhead drive-in doors Dedicated, climate-controlled office space Fully fenced yard Multiple points of ingress and egress from Narragansett, Wellington Avenue, and the rear alley Full utility access including water, sewer, gas, and electric Assemblage & Redevelopment Upside Together, these two parcels form a contiguous 15K+ square foot development site with superior frontage, alley access, and corner visibility. This rare configuration supports a wide range of strategic uses including: Commercial expansion Integrated commercial-residential operation Mixed-use redevelopment Full ground-up redevelopment This offering combines immediate cash-flow, turn-key commercial functionality, and long-term redevelopment optionality in one of Montclare's most visible commercial corridors.