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2948-2958 N Narragansett Ave
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$1,500,000

2948-2958 N Narragansett Ave, Chicago

136+ days
0 bd·0 ba·0 sqft
15,246 sqft lotNorthwest Side

2948-2958 N Narragansett Ave, Chicago, IL

0 bd · 0 ba · 0 sqft Land listed at $1,500,000 in the Northwest Side neighborhood.

About this home

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.

Property details

Price
$1,500,000
Bedrooms
0
Bathrooms
0
Lot size
15,246 sqft
Type
Land
Days on market
136
Est. property tax
$31,200/yr · $2,600/mo · 2.08% IL avg
Last sold
$220,000 · Apr 2001

Estimated monthly payment

Down payment20% ($300,000)
Interest rate6.75%
Principal & Interest$7,783
Property Tax$1,375
Insurance$150
Total$9,308/mo

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Price history

$1.63M$860K$92K$220K on Apr 01 (Sold)$1M on Dec 25 (Initial list)$1.50M on Dec 25 (Initial list)
$220K · Apr 01$1.50M · Dec 25
  1. Dec 10, 2025$1,500,000Initial list price
  2. Dec 9, 2025$1,000,000Initial list price
  3. Apr 19, 2001$220,000Sold

Location

This home is located in Chicago, IL. Browse more Chicago listings on the Chicago market page or explore the full Chicago market report.

About Chicago: Chicago is the most populous city in the U.S. state of Illinois and in the Midwestern United States. Located on the western shore of Lake Michigan, it is the third-most populous city in the United States, with a population of 2.74 million at the 2020 census. The Chicago metropolitan area has 9.41 million residents and is the third-largest metropolitan area in the country. Chicago is the seat of Cook County, the second-most populous county in the U.S. (source: Wikipedia)

Climate: Average year-round temperature is 51°F with 211 dry days per year and 39.9 inches of annual rainfall.

Location

Map of 2948-2958 N Narragansett Ave, Chicago
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Home Intelligence

Neighborhood (zip 60634)

This neighborhood is predominantly owner-occupied (74%). Median age is 41.2; 18% hold a bachelor's degree; median household income is $82,771.

Median income
$82,771
Median age
41.2
Owner-occupied
73.9%
Bachelor's degree
17.6%
Census median home value
$321,200

Source: US Census Bureau American Community Survey 5-year estimates.

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