The O’Hare multifamily submarket—bounded by Bryn Mawr to the north, Foster Avenue to the south, Cumberland to the east, and East River Road to the west—is experiencing a strong year, with nine transactions of properties 6-units or more, totaling $10.57 million in sales volume YTD. Interra Realty has facilitated five of these deals, underscoring our active role in this growing market.

Here’s what makes O’Hare an attractive investment opportunity:

1. Value-Add Potential

With many properties held by long-term owners, there’s ample room for value-add investment. Properties often have below-market rents, presenting new investors with an opportunity to renovate and increase income. Renovated one-bedroom units in the area rent for around $1,600, while two-bedrooms go for roughly $2,000.

2. Robust Rental Demand

O’Hare has seen consistent rental demand, bolstered by O’Hare Airport employees and a recent influx of Ukrainian migrants who have contributed to the community’s growth. The neighborhood’s cultural hub, including the Ukrainian church on Cumberland Avenue, has helped create a stable tenant base and a high level of demand for multifamily units.

3. Prime Tenant Location

O’Hare’s location is a significant draw for renters, with easy access to transportation (CTA, I-90, I-294, O’Hare Airport) and abundant local amenities, from dining to retail. It’s a convenient spot that checks all the boxes for tenants.

4. Low Turnover, High Stability

Tenants in the O’Hare submarket tend to stay put, reducing turnover and minimizing maintenance costs for landlords. This stability enhances income predictability and makes the market especially landlord-friendly.

With its strong rental demand, value-add opportunities, and ideal location, the O’Hare submarket is increasingly becoming a top choice for multifamily investors. The area’s stability, coupled with its connectivity and cultural appeal, provides a solid foundation for long-term growth and reliable returns. As Interra Realty continues to play an active role in the market, now is the time for investors to capitalize on the O’Hare submarket’s potential. Whether you’re looking to renovate and increase rents or simply enjoy a steady stream of income, the O’Hare submarket offers a wealth of opportunity for multifamily investments.

Paul Waterloo is a Managing Director at Interra Realty where he works alongside Managing Partner Patrick Kennelly and Associate Nathan Zito. They were recognized by RE Journals as Broker Team of the Year, Multifamily in 2023. Paul graduated from the University of Illinois at Urbana Champaign is a licensed real estate broker in the State of Illinois.

Interra Realty O’Hare Submarket Sales in 2023 & 2024