Berwyn, Illinois is a city located in Cook County, with a population of over 56,000 residents. Berwyn has a long history of attracting families, young professionals, and businesses. The city has a thriving economy and a stable job market, which has led to a growing demand for rental properties. Additionally, Berwyn is located near several major highways, which makes it easy to access the rest of the Chicago metropolitan area. This, in turn, has made Berwyn an attractive destination for multifamily real estate investment.
A benefit of investing in Berwyn is its thriving business community. Several citywide grants and movements: such as the opening of the Berwyn Shops (a local type of business incubator that gives retail space to local entrepreneurs), Women in Business meetings (which help foster current and aspiring entrepreneurs), the “Finish Line Grant” which helps local businesses update their exteriors and interiors as to raise property values in the area. These have been initiated which shows the city’s commitment to the businesses willing to move and do business here as well as local and established faces. The city is home to a number of businesses and entrepreneurs such as: The Turano Family of Turano Breads which established themselves in Berwyn, Salvador Figueroa of La Lupita (rated as the best comfort food in Chicago) as well as more established chains like Buffalo Wild Wings, Starbucks, etc. who are contributing to the growth of the local economy.
Investing in Multi-Family Real Estate in Berwyn
Investing in multi-family real estate in Berwyn can be a profitable and rewarding experience for investors. However, there are some important factors that you need to consider before making an investment:
- One of the first things that you need to consider when investing in commercial multi-family real estate in Berwyn is the location of the property. Berwyn has a number of neighborhoods that are popular with renters, such as the Depot District which is by the downtown area of Berwyn or on Roosevelt by restaurants and nightlife, so it’s important to choose a property that is located in a desirable area such as these!
- Berwyn has many properties that can be considered “vintage” (in essence older buildings), therefore an inspection is strongly recommended. I have a couple of great inspectors that have helped many people in Berwyn if you need a suggestion!
- In addition, it’s important to consider the rental market in Berwyn when investing in commercial multi-family real estate. The rental market in Berwyn is strong, and rental prices are on the rise as people are flocking from the city to the suburbs. This makes Berwyn an ideal location for commercial multi-family real estate investments, as there is a high demand for rental properties.
- Lastly, according to listings posted to Zillow (a major real estate website and app) Berwyn has seen an increase in the average rent from about $1035 in May of 2022 to about $1350 or a 31% increase! A great time for those that bought very very early to take advantage of the price increase that higher rents bring, as well as a great time for those looking for their next value add project to buy cheap and renovate their way to profits!
Investing in Berwyn can be a profitable and rewarding experience for investors. However, it’s important to consider the location of the property, the condition of the property and the market for the asset. With this in mind a local expert like myself can help you make the right decisions when it comes time to buy or sell in the Western Suburbs!