7,902 sq ft;
lot: 5227 sq ft lot
Commercial: Multi Family 5+ - MLS# 12547144
Tools & Resources:
Description
Pleased to present 7304 S. Union Avenue, a 6-unit multifamily investment opportunity located on Chicago's South Side. Offered at a purchase price of $430,000, this apartment property provides investors with immediate cash flow, strong in-place returns, and a clear pathway to value enhancement through lease-up and rent optimization. The property consists of a balanced unit mix of (3) one-bedroom / one-bathroom units averaging approximately 1,075 SF and (3) twobedroom / one-bathroom units averaging approximately 1,305 SF, totaling roughly 7,140 rentable square feet on a 0.11-acre lot. Originally constructed in 1914, the building benefits from large floor plans that support competitive rent growth relative to the surrounding market. The asset generates the potential for $80,400 in gross scheduled rent once the remaining 3 units are occupied, producing an effective gross income of $76,380 after a conservative vacancy assumption. Our team is also assisting with backfilling the available units to prove the pathway to profit. At stabilized operations, the property delivers a Net Operating Income (NOI) of $44,032, equating to a compelling 10.24% in-place cap rate. Upon stabilizing occupancy and achieving market rents, projected Year 1 gross scheduled rent increases to $102,508, with NOI growing to approximately $62,246, supporting a pro forma cap rate of 14.48%. Operating expenses are efficiently managed at approximately 42.4% of effective gross income in-place, improving to 36.1% at stabilization, driven by scale efficiencies and increased income rather than aggressive expense assumptions. The investment is underwritten with conservative vacancy, realistic market rents, and no assumed capital expenditures, making it well-suited for both value add and cash-flow-oriented investors. With favorable pricing at approximately $71,667 per unit and $60 per square foot, 7304 S. Union Ave presents an attractive entry point into the Chicago multifamily market, offering strong yield, upside through lease-up, and long-term appreciation potential. This offering represents an ideal opportunity for investors seeking high cash-on-cash returns, operational upside, and a scalable multifamily asset in a supply-constrained urban submarket.
Features
- Property Type: Commercial
- Sub Type: Multi Family 5+
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60621
- Year Built: 1916
- Sq.Ft.: 7,902 sq ft
- Stories: 3
- Units: 6 units
- Basement: Unfinished
- Lot Size: 5227 sq ft lot
- # Of Ranges: 6
- # Of Refrigs: 6
- Approximate Age: Older
- Building Area Total: 7902
- Built Before 1978 (Y/N): Yes
- Construction Materials: Brick
- Cooling: Window Unit(s)
- Directions: 71st Street to S. Union Ave. South to address
- Electric: Circuit Breakers
- Electric Expense Source: Combination
- Fuel Expense Source: Combination
- Heat/Ventilation: Gas, Radiators, Radiant
- Insurance Expense Source: Combination
- Lot Size Square Feet: 5000
- Main Type: Commercial Sale
- Tax Annual Amount: 5826
- Tax Year: 2024
- Tenant Pays: Electricity
- Total Annual Expense Source: Combination
- Trash Expense Source: Combination
- Type Multi-Family: Corridor-Interior Entrance
- Water Expense Source: Combination
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