Area Description: he subject property is situated within the northwest side of the City of Chicago in the Logan Square community area, approximately 4 miles northwest of Chicago’s Central Business District. Logan Square is bordered by Diversey Avenue to the north, the North Branch of the Chicago River on the east, Bloomingdale Avenue on the south and Pulaski Road on the west. According to Wikipedia, the 2020 the population of the Logan Square was 71,655 residents and the median household income was $82,908. The occupants of the Logan square community consist of predominately white and skilled blue-collar workers as well as professional/specialty workers. The Logan Square community area includes the Belmont Gardens, Bucktown, Kosciuszka Park, Logan Square and Palmer Square neighborhoods. The subject is in the Palmer Square neighborhood which is in the central portion of Logan Square. According to the Connect MLS, the average sale price of a single-unit dwelling in Logan Square over the past 12-month period was $600,702. This represents a 5.5% increase from the prior 12- month average sale price of $569,565 and an 11.7% increase from the two-year ago average sale price of $537,815. This is reflective of moderately improving market conditions in the residential sector of the market and the minimal effects of the Covid-19 pandemic. Commercial values have tended to stabilized due to the pandemic. However, commercial market activity has been increasing. Most of the area’s commercial properties are located along arterial roadways such as Armitage, Fullerton, Diversey, Western and Milwaukee Avenues and Pulaski Road, which provide access to other sections of the City of Chicago. The majority of the community’s commercial properties consist of middle age and older mixed-use properties with commercial units located on the first floor and apartments located on the upper floors. Additionally, there are a number of neighborhood strip shopping centers as well as newer mixed-use commercial/apartment condominiums. Commercial/retail rental rates generally range from $20 to $35 per square foot net or semi-gross with variables depending upon use, location, unit size and condition. An inspection of the subject neighborhood indicated that the retail occupancy level is above 95%. As a city neighborhood, all municipal services are available including police, fire protection, all public utilities, schools, libraries, etc. Hospitals serving the area include Norwegian American, St. Mary & Elizabeth, Kindred & Sacred Heart. The immediate area benefits from its proximity to major transportation systems that include the Kennedy Expressway (I-90/94). Further, the CTA Blue Line Rapid Transit and CTA Bus system service the area. The strengths of the community are the major transportation systems, maintenance levels and the ample supply of skilled and semi-skilled workers. The major weakness for the subject area is the real estate taxes as Cook County commercial/industrial properties tend to be higher than the neighboring collar counties. Overall, the near and long term prospects for the subject community appear stable.

Region: North Chicago

Region: 1Midwest United States

Region: Northern Illinois

Region: American USA Central