Portage Park Multi-Family Real Estate

Portage Park was home to a small population until the beginning of the twentieth century when the streetcar system linked it to the downtown area and now it's an ideal escape for Chicago residents who are tired of the crowded tenements and want a quiet refuge from the city. 

 

It’s a great neighborhood for those who want the chance to get to know their neighbors, want access to many amenities and eateries and are looking to escape the hustle and bustle of the city - while still being conveniently close to it. 

Portage Park Real Estate Market At a Glance

Multi-family home prices have increased by 1.75% compared to December of 2018. However, these increases have remained steady over the better part of the last decade. The price for multi-family homes has increased by 90% since December 2011.

 

Younger families are moving to the neighborhood and purchasing 2 flats and 3 flats because of the affordability. Investing in the neighborhood brings with it a great deal of physical opportunity especially when younger families move into one of the flats and rent out the others. New tenants currently pay upwards of 50% of the mortgage cost for the entire flat depending on the down payment amount.

 

For example: A two-bedroom rental apartment costs an average of $1,450 while a 3-bedroom starts at $1,600 per month.

 

Median Property Value (2019) 

$435,000

Median Cost Per Square Foot (2019) 

$190

Market Growth (Since 2018)

1.75%

Housing Units Sold (2019) 

1,311

Average Time to Close (2019)

< 120 days 

Portage Park Real Estate Prices 

The average buying price for a 2 flat is $415,000, and the average price for a 3-flat is $475,000. This makes the average price per square foot $190. 

 

The average square footage for attached homes and single-family homes ranges between 638 and 4,620 square feet. In the neighborhood you can find between 1 and 7 bedrooms per home, and between one and four bathrooms per home.

 

Many of these multi-family properties will need some TLC but buyers still see the value in them given the current cost, recent history of increased sales, and projections for 2020. 

How Long Do Properties Stay on the Market in Portage Park?

Houses don't stay on the market very long here. Larger homes, priced at $600,000 or higher stay on the market for an average of 4 months. By comparison houses between $300,000 and $600,000 don't last more than one or two months. 

Neighborhood Boundaries

This moderately sized neighborhood is bordered by old Irving Park, Jefferson Park, Belmont Cragin, and Dunning. Official boundaries include Montrose Avenue to the north, Roscoe Street to the South, Cicero Avenue along the eastern border, and Narragansett Avenue along the western border. 

 

The location of Portage Park is particularly ideal. It is situated between O'Hare International Airport and downtown Chicago, approximately 20 minutes in either direction.

 

Portage Park chicago real estate

 

Portage Park Amenities and Attractions  

This area has a rich history of Polish immigrants and that is a big part of the culture with the famous park named after Frederic Chopin, the Portage Theater where you can enjoy International films and live music regularly, and the Polish army veterans association.

Transportation and Travel

Transportation in the region makes it fairly easy to get around thanks to several bus routes that run through the neighborhood. 

 

It has a walkability score of 80 out of 100, making it a very easy neighborhood to get around on foot. It's equally possible to get around on bike or take advantage of the good transit system but it's been around since the beginning of the neighborhood.

Food, Drink, and Entertainment

Great food is another selling point. The rich history of the neighborhood has inspired an eclectic collection of restaurants. If you travel along Irving Park Road you will find some of the Casual coffee shops mentioned above, traditional steak houses, and American restaurants. One of the most popular restaurants for Burgers & Beer got its start in Portage Park, BRGRBELLY.

 

There are ample locations for buffets if you have a big appetite, like Jolly Inn Restaurant. If you are in the mood for tacos you can find several Latin American restaurants such as El Asadero Colombiano or Taco Feliz (Happy Taco). For Italian cuisine, consider Legno. But the options don’t stop there. You can find many Polish restaurants too.

 

The weekend the Portage Theater it's not the only place to go. Irving Park Road is lined with an array of bars, ranging from dive bars to karaoke bars. 

 

Types of Real Estate for Sale in Portage Park, Chicago

Most of the real estate buyers can find is comprised of two flats or bungalow houses. The Bungalows typically have small backyards, front yards, and a small Garage in the back.

 

There are attached housing options in some neighborhoods that include Courtyards as well as apartment buildings and Vintage Condominiums.

 

Sellers do best when offering homes or condos between $130,000 and $260,000.

 

Chicago Portage Park Homes For Sale

Work With Portage Park Real Estate Agents

Are you looking to find some of the premier real estate opportunities in the Portage Park, Chicago area? Whether you’re looking for a Portage Park multi-family, home, condo, apartment, or more, Chicago Real Estate Source helps you compare prices across MLS easily. Find and compare the best opportunities to expand your real estate portfolio, or find your dream home. 

 

Or are you looking to sell your Portage Park property? Give our North Chicago Real Estate Agents a call today to assess the value of your property and get it on the market - or begin your search for your new home. With over 30 years of experience, our Portage Park Real Estate Agents have key insights into the local Chicago real estate market and can help you find what you’re looking for. 

 

Contact Jose Hernandez today to get more buyer and seller information on Portage Park, Chicago. 


Looking to get your search started immediately? Start by browsing our MLS for Search Portage Park Real Estate.