7304 S Union Avenue, Chicago, Illinois 60621
- $400,000
- Sold Price
- $400,000
- List Price
- $430,000
- Closing Date
- Apr 08, 2026
- MLS#
- 12547144
- Status
- CLOSED
- Type
- Commercial
- Subtype
- Commercial Sale
- County
- Cook
- City
- Chicago
- Neighborhood
- Englewood
- Days On Market
- 34
Property 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.
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Additional Information
- Tax Year
- 2024
- Year Built
- 1916
- Lot Dimensions
- 40x125
- Air Conditioning
- Window Unit(s)
- Basement
- Yes
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