The west side of Chicago continues to see an increase in sales velocity and appreciation. As investors get priced out of other markets, the west side offers a very similar multifamily product and investment profile to other bustling multifamily markets. Here are five west side neighborhoods you should pay closer attention to:
Just north of East Garfield Park, you will find Humboldt Park, a historically Puerto Rican community. The neighborhood is just shy of seven miles from the Loop and home to its namesake 126-acre park. Another neighborhood amenity is The 606, which is an elevated trail for runners and cyclists. Humboldt Park has a population of 56,427 and 55% are renters. An unrenovated two-bedroom unit rents between $800-1,100, and a renovated two-bedroom unit rents between $1,100-1,400 per month.
East Garfield Park
Known for being the Garfield Park Conservatory’s home, the neighborhood is only 4.5 miles west of the Loop. The community has a population of 19,996, and over 60% are renters. The United Center is just a mile east of the area, too. With seemingly endless investments and developments pushing west, it is only a matter of time before it reaches East Garfield Park. The neighborhood is well connected to the city via I-290, the CTA Green Line stops at Kedzie and California and Blue Line Kedzie-Homan Stop. A typical unrenovated two-bedroom unit rents between $850-1,100, and a renovated two-bedroom unit rents between $1,100-1,300 per month.
West Garfield Park
Just west of the Garfield Park Conservatory, and five miles west of the Loop, the area is often referred to as K-Town due to the names of many north-south avenues beginning with the letter K (Karlov, Kedvale, & Keeler to name a few.) The neighborhood has a population of 17,742. Much like East Garfield, the close proximity to I-290 provides easy access to and from downtown Chicago. A typical unrenovated two-bedroom unit rents between $750-900, and a renovated two-bedroom unit rents between $900-1,200 per month.
Lawndale is located 4.5 miles from the West Loop and contains a population of roughly 35,000 residents. The area is home to Frederick Douglass Park, formerly known as Douglas Park, a 218-acre park that features ponds & gardens, athletic facilities, a pool and a historic fieldhouse. A typical unrenovated two-bedroom unit rents between $750-950, and a renovated two-bedroom unit rents between $950-1,200 per month.
Located on the west side of the city and seven miles from the Loop, Austin is home to 95,260 residents. Over 50% of the neighborhood residents are renters, and the average household has more than two people living in it. An unrenovated two-bedroom unit rents between $800 & $1,000. While less common in the market, renovated two-bedroom units rent between $1,000 & $1,200 per month.
These west side neighborhoods are a long-term investment play. Apartment investors can enter the market now with high cash flow buildings and also experience healthy appreciation. For those chasing yield, these neighborhoods have plenty of inventory worth looking at. If you’d like to learn more about multifamily investment opportunities throughout Chicago’s west side, give me a call at 773.293.5086.