While other neighborhoods grab headlines, Rogers Park continues to deliver where it matters most: consistent, reliable returns. For multifamily investors focused on yield and long-term value, this submarket offers one of the most compelling combinations of cap rate, price per unit, scale, and rent stability on the north side of Chicago, adjacent to Lake Michigan and well-located between Loyola University and Northwestern campuses that have continued growing their boundaries over the years.

Stabilized assets are trading in the 7%–7.75% cap rate range, with value-add opportunities pushing 8% or more once stabilized—spreads that are increasingly rare across the city. The area’s architecture—primarily 20–100 unit courtyard, low-rise, and mid-rise buildings—aligns with the scale that both private and institutional investors are targeting. Demand for apartments remains strong, with renovated one-bedrooms leasing at $1,400–$1,700 per month this season, with minimal concessions and high occupancy.

One key advantage owners are beginning to leverage is Cook County’s Affordable Housing Special Assessment Program (AHSAP), which offers a 25–35% reduction in assessed value based on a building’s rent levels. In Rogers Park, many properties already meet affordability thresholds at market rents, making this incentive especially powerful for improving NOI without sacrificing cash flow or upside.

The message is clear: Rogers Park is no longer a hidden gem—it’s a durable, income-driven market that informed owners and investors are actively targeting. If you own in the neighborhood and are curious about your property’s current value or to learn how owners are utilizing the AHSAP program to increase the value of their property, reach out to Kevin directly for a confidential opinion of value.

Take a look at Interra’s current Rogers Park listings and recent Rogers Park sales.

Kevin Rahmanim is an Associate at Interra Realty. Kevin graduated from the University of Illinois and is a licensed real estate broker in the State of Illinois.