6-Unit Brick Apartment
For Sale
$575,000
6022 -6024 S Union Avenue, Chicago, IL 60621
Brick multifamily property with an adjacent full-parcel parking lot.
Property Size3,125 SF
Days on Market307
Property Features for 6022 -6024 S Union Avenue
General Information
Standard status
Active
Size
3,125 SF
Property subtype
Commercial
Zoning
MULTI
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$1,500
Building Details
Building Size
3,125 SF
Year Built
1898
Buildings
1
Stories
2
Units
6
Construction
Brick
Listing Agency:
Homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #0225248917
(888) 400-2513
Source:
Midwestrealestate
Added: Oct 10, 2025
Changed: Aug 12
Last Checked: Aug 12 at 3:58AM
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 Homecoin.com
Investment Insights
Based on property information with market context.
This 6-unit apartment building is constructed of brick and includes an adjacent full-parcel parking lot. The property was built in 1898 and carries MULTI zoning.
Located at 6022–6024 S Union Avenue in Chicago, Illinois 60621, the offering combines apartment units with dedicated parking land in a single property.
Located at 6022–6024 S Union Avenue in Chicago, Illinois 60621, the offering combines apartment units with dedicated parking land in a single property.
Key Highlights
- 6‑unit apartment building
- Brick construction
- Adjacent full‑parcel parking lot
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
$47,904
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
8.33%
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%
$958,080
$958.1K
Cap Rate 7%
$684,343
$684.3K
Cap Rate 9%
$532,267
$532.3K
Market Conditions
NOI Build-Up for 3,125 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
$91.9K $29.40/SF
− Vacancy
−$4.8K −$1.53/SF
EGI
$87.1K $27.87/SF
− OpEx
−$39.2K −$12.54/SF
NOI
$47.9K $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%
$958,080
Cap Rate 7%
$684,343
Cap Rate 9%
$532,267
Alternative Uses
Best Use
Apartment 5plus
$684.3K
$598.8K – $798.4K
NOI $47,904 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,140 @ 7.0% cap · market cap 17.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 60621, IL
29,570
Population
15,348
Households
1.9
Avg Household Size
36
Median Age
12%
College-Educated
78%
High-School Grad
3.8 sq mi
ZIP Area
7,782
Density / Sq Mi
$33,235
Median Household Income
$29,961
Median Earnings
$1,017
Median Rent
$161,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with an adjacent full-parcel parking lot.
Where is this apartment building located?
The property is located at 6022 -6024 S Union Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 6‑unit apartment building; Brick construction; Adjacent full‑parcel parking lot
