Located northwest of downtown Chicago, Jefferson Park is a spacious, affordable neighborhood with excellent access to public transportation and O’Hare International Airport. Jefferson Park has a great market for multi-families and is a great place to buy for families and investors alike.
Jefferson Park offers plenty of 2-flats for sale. With average rent for a 2-bedroom running at $1400/month, a 2-flat is a smart option that can cover part of your mortgage by living in one unit while renting out the other.
This neighborhood has the best of all worlds: affordable properties with great schools like Beaubien Elementary. Downtown is accessible in just 25 minutes via the Blue Line or in 15 minutes by car. Most buyers are young families looking for larger square footage than what’s available closer to the Loop.
Jefferson Park has a great variety of multi-family homes. Whether you’re looking for supplemental cash or are wanting to invest, the neighborhood has great options. Many of these old brick buildings need some TLC, an excellent opportunity to boost property value with renovations while occupying/renting out other units!
Since the 2008 recession, prices have increased substantially in Portage Park, and the uptrend will continue in 2021. In 2020 there were approximately 43 multifamily homes sold with an average sales price of $410,000. The average market time was 87 days for multifamily 2-4 units; however, properties priced right from the start usually sell within 30 days and typically sell for 96-97% of the listing price.
Multifamily homes in Jefferson Park have appreciated an average of 10% in the last year.
Jefferson Park is located on Chicago’s Northwest side. It’s 11 miles from the city center and only 4 miles from O’Hare International Airport. West Montrose Avenue borders it to the south, I-94 to the east, and North Nagle Avenue to the west. Jefferson Park’s northwest corner is intersected by North Milwaukee Avenue and I-90, which runs through and provides access to the center of the neighborhood. Jefferson Park is bordered by Portage Park to the south, North Mayfair to the east, and Norwood Park and Forest Glen to the north and northwest.
Our team at Chicago Real Estate Source has over 16 years of experience representing buyers and sellers for multifamily properties in the Northwest and North sides of town. If you’re considering Jefferson Park for your next home, we’re here to answer any questions and to help you start your search.
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