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7304 S Union Ave 6 Unit Apartment Building $430,000 ($71,667/Unit) 10.24% Cap Rate Chicago, IL 60621
Investment Highlights
- Property consists of 6, one-bed, one-bath units.
- Proximity is close to the well-known Wentworth Elementary School.
- Property is located in dense multi-family submarket.
- Only minutes away from I-94.
Executive Summary
Midwest Investment Advisors is 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 (6) one-bedroom / one-bathroom units averaging approximately 1,075 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. Currently, the asset generates $80,400 in gross scheduled rent with 3 of 6 units 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 current 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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- Offering Memorandum
Property Facts
| Price | $430,000 | Building Class | C |
| Price Per Unit | $71,667 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 7,140 SF |
| Cap Rate | 10.24% | Average Occupancy | 50% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1914 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RS-3 - Apartment | ||
| Price | $430,000 |
| Price Per Unit | $71,667 |
| Sale Type | Investment |
| Cap Rate | 10.24% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 7,140 SF |
| Average Occupancy | 50% |
| No. Stories | 3 |
| Year Built | 1914 |
| Opportunity Zone |
Yes |
| Zoning | RS-3 - Apartment |
Property Taxes
| Parcel Number | 20-28-114-017-0000 | Improvements Assessment | $27,500 |
| Land Assessment | $1,500 | Total Assessment | $29,000 |
Property Taxes
Parcel Number
20-28-114-017-0000
Land Assessment
$1,500
Improvements Assessment
$27,500
Total Assessment
$29,000
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