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$1,000,000
Est. payment /mo
0.26 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12527047
Annual Tax Amount $18,301
Tax Year 2024
Lot Size 0.260 Acres
Lot Dimensions 90X125
Property Sub-Type Land
Property Description
Secure a strategic commercial asset at 2958 N Narragansett Ave, featuring a high-visibility, corner signalized site spanning 11,250 square feet (with dimensions of 90 X 125) in Chicago's Montclare neighborhood, located directly on Narragansett Avenue, a main north/south thoroughfare. This prime rectangular parcel is improved with a solid one-story, 2,500 square foot, masonry and frame constructed commercial/auto repair type building, originally built in 1942 (82 years old) and currently maintained in average overall condition. This property's continued operation as a commercial development is recognized as the highest and best use of the improved site. The turn-key commercial structure offers critical operational features necessary for heavy motor vehicle users, including impressive 16 foot clear ceilings in the shop area, two large overhead doors, dedicated small office space that is separately climate-controlled, and a fully fenced yard. The site boasts optimal access from Narragansett, Wellington Avenue (frontage along Wellington), and a crucial rear alley featuring multiple curb cuts. All normal utilities, including sewer, water, gas, and electricity, are available to the site. For strategic developers or expanding businesses seeking maximum density, the commercial parcel offers an immediate land assembly opportunity with the adjacent residential income property at 2948 N Narragansett Ave, which is separately available for purchase. Consolidating both adjacent parcels creates a substantial contiguous site totaling approximately 15K+ total square feet of land, offering estimated overall combined dimensions of 120 feet of frontage on Narragansett by 125 feet deep. The neighboring 2948 N Narragansett property is a complementary two-unit residential multi-family building totaling 2,837 square feet of gross building area, featuring recent updates and would generate an estimated $3,100 gross monthly market rent from its two units (a 1-bedroom garden unit and a 3-bedroom duplexed unit). This rare combined offering presents immense potential for an integrated commercial operation, significant expansion, or complete ground-up redevelopment opportunity.
Location
State IL
County Cook
Area Chi - Belmont Cragin
Zoning COMMR
Rooms
Basement None
Interior
Fireplace N
Laundry Gas Dryer Hookup, Electric Dryer Hookup, Sink
Exterior
Utilities Available Electric to Site, Natural Gas Available, Sewer Connected, Water Available
Building
Dwelling Type Land
Schools
School District 299 , 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
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Listed by Cecil Sabu of ALLURE Real Estate