14
Dec

Neighborhood Overview: Hermosa

Neighborhood Overview:

Hermosa is a community on the northwest side of Chicago, just west of Logan Square.

The commercial corridor in Hermosa runs along Diversey from Kildare to Cicero and offers a wide array of restaurants and service businesses, but there are many vacant shops.

Quick Fact:  Hermosa is the birthplace of Walt Disney and former headquarters of Schwinn Bicycles.

Population Segment:

According to Realtors Property Resource, LLC,  62.4% of the are is made up of households in the “Las Casas” tapestry segment.  Households in this segment features:

  • Multi-generational households
  • Young and predominantly renters
  • Renters living in 2-4 unit apartment buildings
  • More than 42% of the population was born abroad
  • Banking is done primarily in person and savings and debt are minimal

Demographics:

Total Population:  26,017

Median age: 30.2

Median household size:  3.58

Median Household Income: $42,176

Percent of population with college degrees or greater:  17%

Employment:

The top employment industries are:

  • Accommodation and Food
  • Manufacturing
  • Retail
  • Health Care and Social Assistance
  • Construction

Bordered by railroad tracks on three sides Hermosa naturally became an Industrial area. Many factories built headquarters along the railway and employed residents of this area. Among these companies was Schwinn Bicycles, having headquarters in Hermosa from 1895-1982.

Transportation:

The area features several CTA bus routes, the Healy Metra stop.  61.7% of people drive alone to work and 18.6% take public transit.

Trends:

The 12 month change is Median residential listings prices is 11% compared to 6.8% in Cook County.

In 2022 the population is expected to be 2% greater than in 2017

Median Household income in 2022 is expected to be 7% greater than in 2017

 

Rent Data:

Average Rent  (Costar Realty Information, Inc.; Rentometer, Inc.)

1 Bed: $900-$1,050

2 Bed: $950-$1,100

Vacancy Rate: 4.8%

To view available rentals in this area you can visit https://www.rootrealty.com/rentals/

Sales Data:

Average price per unit for multi-family sales in 2017 and 2018 was $95,468. The capitalization rates on sales was 5.7% over the same period. The capitalization rate appears lower than we would expect, however, many investors are looking for value-add projects and are not basing their valuation on the in-place rent.

Data:

www.narrpr.com

www.rentometer.com

www.costar.com

Map data ©2018 Google