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2948 N Narragansett Ave
Multi-Family
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$500,000

2948 N Narragansett Ave, Chicago

58% below median
4 bd·3 ba·0 sqft
3,920 sqft lotNorthwest Side

2948 N Narragansett Ave, Chicago, IL

4 bd · 3 ba · 0 sqft Multi-Family listed at $500,000 in the Northwest Side neighborhood.

About this home

Presenting an exceptional opportunity in Chicago's Montclare neighborhood, this fully 2021 updated two-unit residential building blends investment stability with modern, luxury 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 just 20 years and a well-maintained condition across its 2,837 square feet of gross building area. The first-floor main duplex unit features high-end finishes throughout, including exotic rare granite kitchen countertops, marble flooring in the kitchen, dining area, and bathroom, and marble bathroom tile with heated floors. The kitchen is fully equipped with a separate cooktop, oven, warmer, dishwasher, and garbage compactor, offering true chef-quality functionality. The lower-level space is equally upgraded with marble countertops, marble bathroom floors and walls, a luxury shower system with six body sprays, heated floors, and an overhead heat lamp for spa-level comfort. The building is optimally configured to maximize income, featuring a 6-room, 3-bedroom duplex unit and a separate 4-room, 1-bedroom garden unit, generating an estimated total Gross Monthly Market Rent of $3,100, including water and sewer. Tenant comfort is enhanced by central air conditioning, hot water baseboard heat, and a tankless water heater, along with a detached two-car garage and outdoor deck space. The neighborhood offers strong community amenities with access to multiple public and private schools, nearby parks with recreational facilities, library services, medical offices, and religious institutions. Transportation access is excellent with nearby CTA bus routes and convenient proximity to the Metra station. Additionally, this property offers a unique development upside, with the adjacent commercial site available separately, creating a combined contiguous land area of approximately 15,025 square feet with 120 feet of street frontage, ideal for future assemblage opportunities.

Property details

Price
$500,000
Bedrooms
4
Bathrooms
3
Lot size
3,920 sqft
Type
Multi-Family
Days on market
144
Est. property tax
$10,400/yr · $867/mo · 2.08% IL avg
Last sold
$300,000 · Dec 2005

Estimated monthly payment

Down payment20% ($100,000)
Interest rate6.75%
Principal & Interest$2,594
Property Tax$458
Insurance$150
Total$3,203/mo

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Price history

$538K$310K$82K$120K on Sep 97 (Sold)$300K on Dec 05 (Sold)$354K on Mar 08 (Initial list)$354K on Sep 08 (Price change)$500K on Dec 25 (Initial list)$500K on Dec 25 (Initial list)
$120K · Sep 97$500K · Dec 25
  1. Dec 9, 2025$500,000Initial list price
  2. Dec 3, 2025$500,000Initial list price
  3. Sep 2, 2008$354,000Price change
  4. Mar 6, 2008$354,000Initial list price
  5. Dec 15, 2005$300,000Sold
  6. Sep 29, 1997$120,000Sold

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 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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