Where should you make your next Chicagoland multifamily investment? We asked our brokers what areas they think are under the radar and in this post they share why apartment investors should pay more attention to Forest Park, Humboldt Park, Skokie, Uptown and Wrigleyville.
“Forest Park is a near west suburb that borders Oak Park. It has a long-established rental community with almost half of the residents being made up of renters. It has two CTA train lines servicing the area, a Metra line that goes into Chicago’s loop in about 30 min and the Eisenhower expressway cuts through it making access to all of Chicagoland easy. Forest Park is home to many of the bars, restaurants, and retail that many in the Oak Park community share and enjoy, yet property taxes are significantly cheaper than the neighbor to the west. This makes a direct impact to a building owner’s bottom line, which in turn can be shared with more competitive rents for the tenants.” – Matt Halper
“The historic neighborhood has access to an abundance of retail and transit options along North Ave, Kedzie Ave, and Pulaski Rd. The neighborhood is named after the 207-acre park that contains a variety of attractions such as the lagoon, beach, sports facilities, and historic landmarks. The area is home to many families that have lived there for generations. Humboldt Park has a tendency to be overlooked due to the popularity of Wicker Park and Ukrainian Village, which are neighborhoods to the east. However, strong rental amounts and overall tenant desire to live in the area make Humboldt Park an area that shouldn’t be overlooked.” – Jack Petrando
“Skokie is a suburban market located in Chicago’s northern suburbs and is adjacent to Evanston. Skokie is one of the more densely populated northern suburbs and offers a variety of different housing options from Class A to Class C. Post COVID, Suburban markets like Skokie will become increasingly more attractive to both tenants and investors. As we experience economic impacts from a COVID-related recession, tenants will likely seek lower rent by compromising proximity to Chicago’s central business district, without having to sacrifice access to transportation. Investors will follow as the area offers more value-add opportunities to serve these tenants’ housing needs.” – Danny Mantis
“It’s affordable. Residents can get everything in Uptown that they can in Lincoln Park or Lakeview for a fraction of the price. There is a great restaurant scene with multiple theater venues, proximity to the lakefront, and easy access to CTA Red Line all without paying $2,000 for a small one-bedroom unit. The neighborhood is also seeing tons of development and redevelopment. There are over a thousand units coming to market from 2019-2021 in Uptown, with amenities that rival River North high rises. It also doesn’t hurt that the alderman is pro-economic development and works with community groups and developers to compromise and get projects done.” – Rick Ofman
“This is often an overlooked neighborhood as it gets roped in with Lakeview but it is a very unique and historic neighborhood on its own. The area has grown greatly since the Rickett’s purchased the Cubs in 2009. The Rickett’s family and other real estate groups have spent over $1 billion in developing the area including the residences at Addison and Clark, which is a 148-unit luxury apartment building that was completed in 2018. There is also the upcoming development at 3300 N Clark St, which is a 140-unit development with delivery in 2021. These new luxury apartment buildings show there is a demand for rentals in Wrigleyville, and they create an opportunity for owners to renovate units and fill the gap of rents between luxury new construction apartments and vintage apartments.” – Jake Parker
Stay up to date on Kiser Group’s multifamily listing here: https://kisergroup.com/properties/available-properties/