Sept. 12, 2024
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 Multifamily Real Estate Market At a Glance
Multi-family home prices have increased by 8.25% since January 2023. However, these increases have remained steady over the better part of the last decade. The price for multi-family homes in Portage Park has increased by 150% since December 2012.
Families are moving to the neighborhood and purchasing 2 flats and 3 flats because of the affordability. Investing in the neighborhood is a great way to start your real estate investment portfolio, especially when a homeowner moves into one of the apartments and rents out the other. Tenants would help pay upwards of 50% of the mortgage cost for the entire property depending on the down payment amount.
For example, A two-bedroom rental apartment costs an average of $1,750 while a 3-bedroom starts at $2,100 per month.
Portage Park Real Estate Prices
The average buying price for a 2-flat is $565,000, and the average price for a 3-flat is $675,000.
Many of these multi-family properties will need some TLC but buyers still see the value in them given the current cost and the recent history of increased sales, and future projections. You can learn more about the current conditions on our Portage Park market report which is constantly updated.
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 $700,000 or higher stay on the market for an average of 4 months. By comparison houses between $400,000 and $600,000 don’t last more than 30 days.
Neighborhood Boundaries
This moderately sized neighborhood is bordered by Irving Park, Jefferson Park and Belmont Cragin. 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 zip codes include the following: 60630, 60634, 60641
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 mass transportation like the CTA, Metra, or the Blue line which runs to downtown and O’hare.
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 many restaurants.
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.
Types of Real Estate for Sale in Portage Park, Chicago
Most home buyers will find many home options including multifamily and single-family homes. The Bungalows typically have small to medium backyards and a two-car garage in the back with great vintage architecture.
There are attached housing options in some neighborhoods that include vintage apartment buildings with courtyards and new-construction condominiums.
Work With Portage Park Real Estate Agents
If you’re in the market for buying or selling a property in Portage Park, let our team assist you in your search. We strive to make the process easy by providing access to a wide range of properties, including multi-family homes, condos, and single-family homes, and our advanced search allows you to easily search and compare prices across MLS listings. Whether your goal is to expand your real estate portfolio or find your dream home, our team is dedicated to helping you find the perfect property to suit your needs and budget.
In addition, if you’re looking to sell your Portage Park property, our team of experienced agents are here to assist. With over 20 years of experience in the local Chicago real estate market, they have the knowledge and expertise to assess the value of your property and get it on the market quickly.
For more information on buying or selling in Portage Park, please don’t hesitate to contact our Portage Park local real estate expert and friendly neighbor, Jose Hernandez.
(original post date Feb 13, 2020)
