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$ 300,000
Est. payment /mo
New
3314 W Carroll AVE Chicago, IL 60624
6 Beds
3 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12370840
Bedrooms 6
Year Built 1903
Annual Tax Amount $3,263
Tax Year 2022
Lot Dimensions 24 X 174
Property Sub-Type Two to Four Units
Property Description
Imagine the possibilities at 3314 W Carroll Ave, a vacant, all-brick three-unit in Chicago's dynamic 60624. This property isn't just gutted; it's a blank canvas with stamped drawings and approved permits in hand to transform it from a five-bedroom, three-bath layout into a modern six-bedroom, three-bath configuration. Backed by a current zoning certificate and a recent survey, the groundwork for your vision is complete. The current owner has already tackled the heavy lifting: demolition, debris removal, framing, and preliminary plumbing and electrical rough-in (including plumbing risers and the service panel). Adding even more value, approximately $15,000 worth of rough plumbing and electrical materials, such as water heaters, conduit, and copper lines, will be made available to the buyer. Once built out, easily achievable, projected rents of $1,950 per unit translate to $71,000 in potential annual income-equating to a 6.2 GRM and a conservative 7.0 cap rate, with clear upside through finish upgrades and tight expense control. A disciplined 10-year hold at current annual appreciation could grow value to roughly $714,000 by 2035; combined with mortgage amortization, cash flow, and an assumed 6.5 exit cap rate, investors eyeing a 2.5 equity multiple will find this exit scenario compelling. Just minutes from the CTA Green Line, I-290, and West Loop employment centers, this property blends transit access with neighborhood revitalization like the $7 billion 1901 Project. With permits secured, surveys completed, and essential rough-ins in place, 3314 W Carroll Ave is primed for a swift and high-return renovation. Don't miss the chance to capitalize on the exciting renaissance underway on Chicago's west side. Schedule your walkthrough today and experience the potential firsthand!
Location
State IL
County Cook
Area Chi - East Garfield Park
Rooms
Basement Unfinished, Block, Partial
Interior
Heating Natural Gas
Fireplace N
Building
Dwelling Type Two to Four Units
Building Description Brick, No
Sewer Public Sewer
Water Lake Michigan
Structure Type Brick
New Construction false
Schools
School District 299 , 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Sohail Salahuddin • eXp Realty, LLC
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