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3320 S Carpenter St 6 Unit Apartment Building Offered at $1,290,000 at a 11.63% Cap Rate Chicago, IL 60608
Investment Highlights
- Six legal units plus two non-conforming loft-style studio units
- Strong in-place annual rental income of $196,440
- Desirable Bridgeport location with convenient access to transportation and neighborhood amenities
- Potential ADU conversion opportunities, subject to municipal approval
- Significant value-add potential | Solid brick construction | Full basement with shared laundry and tenant storage
- Located on a tree-lined dead-end street for limited traffic
Executive Summary
3320 S. Carpenter Street presents an attractive value-add investment opportunity in Chicago’s Bridgeport neighborhood. The brick building contains six legal units consisting of five two-bedroom/one-bath apartments and one studio, plus two large non-conforming loft-style studio units. The non-conforming units may offer the potential to be duplexed into existing apartments or converted to legal dwelling units under Chicago’s expanded ADU ordinance, subject to zoning and municipal approval. A rear brick structure provides additional flexibility and could potentially be converted into a garage, repurposed as an additional ADU, or demolished to create a larger parking pad. The property also includes a full basement with shared laundry and tenant storage. With current annual rental income of $196,440, strong cash flow in place and several opportunities to increase the property’s legal unit count and long-term value, 3320 S. Carpenter offers investors a compelling combination of immediate income and future upside.
Property Facts
| Price | $1,290,000 | Apartment Style | Low-Rise |
| Price Per Unit | $215,000 | Lot Size | 0.07 AC |
| Sale Type | Investment | Building Size | 4,008 SF |
| Cap Rate | 11.63% | No. Stories | 3 |
| No. Units | 6 | Year Built | 1898 |
| Property Type | Multifamily | ||
| Zoning | RS-3 | ||
| Price | $1,290,000 |
| Price Per Unit | $215,000 |
| Sale Type | Investment |
| Cap Rate | 11.63% |
| No. Units | 6 |
| Property Type | Multifamily |
| Apartment Style | Low-Rise |
| Lot Size | 0.07 AC |
| Building Size | 4,008 SF |
| No. Stories | 3 |
| Year Built | 1898 |
| Zoning | RS-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Good public transit
60/100
Very bikeable
80/100
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