3047 N Clifton Ave - Apartments FOR SALE


Chicago, IL 60657- Lakeview
$995,000 USD
949-677-4757
3047 N Clifton Ave, Chicago, IL for Sale
$995,000 USD
Apartments - FOR SALE
1/4
null | 2.32% Cap Rate

3047 N Clifton Ave
Chicago, IL 60657
Lakeview


HIGHLIGHTS

  • Substantial mark-to-market opportunity, with in-place rents averaging $1.38/SF against market of $2.31/SF – In Place rents are 40% below market
  • Functional unit mix of three spacious residences averaging 1,067 SF, anchored by a 1,600 SF two-bedroom / two bathroom unit that commands a premium
  • Core Lakeview location within walking distance of the Belmont CTA Red, Brown and Purple Line station, Wrigley Field and the Halsted
  • Sustained neighborhood momentum from Wrigleyville-area investment — Gallagher Way, Hotel Zachary and continued retail and hospitality expansion

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$995,000 USD

PRICE/SF

$311 USD /SF

# OF UNITS

3

PRICE/UNIT

$331,667

CAP RATE

2.32%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

3 Unit Multifamily Property

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1868

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,100 SF

ZONING

RT04

APN/PARCEL ID

14-29-208-005-0000

ASK ABOUT THIS PROPERTY

Ronnie GivargisNorthmarqMore Info
949-677-4757

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Ronnie GivargisNorthmarqMore Info
949-677-4757

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.