Bridgeport Multifamily with Coach
For Sale
Contact for pricing
Pending
2625 S Union Avenue, Chicago, IL 60616
Six-unit multifamily property with coach house in Chicago's Bridgeport neighborhood.
Property Size4,216 SF
Days on Market177
Property Features for 2625 S Union Avenue
General Information
Standard status
Pending
Size
4,216 SF
Property subtype
Special Purpose
Listing Agency:
Century 21 S.G.R., Inc.
(312) 326-2121
Listed By:
Michael Kozuchowski · License #IL - 475193485
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Jul 24 at 7:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 S.G.R., Inc.
Investment Insights
Based on property information with market context.
This six-unit multifamily property is located in Chicago's Bridgeport neighborhood. The primary building, which faces S Union Ave, contains five units, with a total of eight bedrooms and five bathrooms. A rear coach house is also on the property, featuring four bedrooms, one bathroom, and a full basement. The coach house is equipped with forced-air heating and cooling, and private in-unit laundry. The property has been maintained by long-term owners. The unit finishes are outdated but functional, and cosmetic rehabilitation is possible. All units are separately metered for gas and electric, and each has its own hot water tank, all of which are located in the basement. The five units in the front building share a common laundry room in the basement, which is outfitted with two washers and two dryers. The basement also includes a dedicated storage area for each unit. The property is in a prime Bridgeport location and is part of the Healy School District. The property size is 4216 square feet.
Key Highlights
- Prime Bridgeport location in the highly‑desirable Healy School District.
- Coach house boasts 4 bedrooms, 1 bathroom, full basement, forced‑air heating/cooling, and private in‑unit laundry, ideal as an owner's unit.
- Six‑unit multi‑family property with potential for increased rental income through cosmetic rehab.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$64,628
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,292,560
$1.3M
Cap Rate 7%
$923,257
$923.3K
Cap Rate 9%
$718,089
$718.1K
Market Conditions
NOI Build-Up for 4,216 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$124.0K $29.40/SF
− Vacancy
−$6.4K −$1.53/SF
EGI
$117.5K $27.87/SF
− OpEx
−$52.9K −$12.54/SF
NOI
$64.6K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,292,560
Cap Rate 7%
$923,257
Cap Rate 9%
$718,089
Alternative Uses
Best Use
Apartment 5plus
$923.3K
$807.9K – $1.08M
NOI $64,628 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,148 @ 7.0% cap · market cap 17.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property with coach house in Chicago's Bridgeport neighborhood.
Where is this apartment building located?
The property is located at 2625 S Union Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Prime Bridgeport location in the highly‑desirable Healy School District.; Coach house boasts 4 bedrooms, 1 bathroom, full basement, forced‑air heating/cooling, and private in‑unit laundry, ideal as an owner's unit.; Six‑unit multi‑family property with potential for increased rental income through cosmetic rehab.
