3 Unit Multifamily Property 3047 N Clifton Ave 3 Unit Apartment Building $995,000 ($331,667/Unit) 2.32% Cap Rate Chicago, IL 60657

Northmarq is pleased to present the exclusive opportunity to acquire a three-unit multifamily asset located at 3047 N Clifton Ave., Chicago, Illinois, in the heart of the highly sought-after Lakeview neighborhood. The property consists of three residential units totaling approximately 3,200 rentable square feet and is offered at $995,000 ($331,667/unit).
This offering presents investors with a compelling value-add opportunity driven by substantial mark-to-market rent upside. Current in-place rents average $1.38/SF, compared to market rents averaging $2.31/SF, representing approximately 40% below-market occupancy costs and providing a clear path to future revenue growth through tenant turnover and lease renewals.
The property features a desirable unit mix consisting of two one-bedroom units and one oversized 1,600-square-foot two-bedroom/two-bathroom unit, with an average unit size of approximately 1,067 square feet. The larger unit is particularly attractive within the Lakeview rental market and supports premium rental potential.
Located just steps from the vibrant retail, dining, and entertainment amenities of Lakeview and Wrigleyville, the property benefits from exceptional accessibility to the Belmont CTA Red, Brown, and Purple Line station, Wrigley Field, and the highly trafficked Halsted, Clark, and Southport corridors. The asset is also proximate to Illinois Masonic Medical Center, providing access to a large healthcare employment base and stable renter demand.
Additional investment support comes from continued neighborhood investment surrounding the Wrigleyville district, including the success of Gallagher Way, Hotel Zachary, and ongoing retail and hospitality growth. Combined with limited new multifamily supply, these market fundamentals have helped sustain strong occupancy and rental rate growth throughout one of Chicago's premier rental submarkets.
The offering is projected to generate a market-rate pro forma NOI of approximately $56,918, reflecting a 5.72% pro forma cap rate at the asking price.