A recent article from TRD, CoStar reported that Miami-based developer Crescent Heights has made a significant investment in Chicago's Streeterville neighborhood by purchasing nearly 400- unit apartment tower from Invesco for $173 million.
😀 This time, Market Stadium explored and analyzed this location!
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Here’s Market Stadium Overall Opinion
🔥 Analyzed Location
340 East North Water Street, Chicago, Illinois 60611, United States (Google Map)
🔥 Highlights
Since this is an established area, there is little potential for growth. However, with new developments planned, it may be more likely to have potential. Check our Forecast Score here.
Current Housing Value & Forecast & Walk Score
- Avg. housing Value: $ 385k
- Housing Value YoY growth (last 3-year): -8.65 YoY %
- Housing Value YoY Forecast (Next 3-year): 3.55 YoY %
- Housing Rent YoY Forecast (Next 3-year): 4.04 YoY %
- A majority residence commutes by Walking
- Walk Score is 93/100:: Daily errands do not require a car
Population projection is attractive. (Check our data)
Demand is Millennials (25 to 34) with a income of $100k+
Supply Trend seems to be Multifamily (400+units) with Studio, 1 or 2-bedroom unit type
For multifamily market,
- Lower vacancy rate for Class C buildings (2.7%) compared to Class A buildings (5.65%). (Check our data)
A big retail corridor (mainly restaurant business) contains the location. (Check our data)
Many employment hub are located nearby the area and below shows the top3 industries within nearby employment hubs. (Check our data)
- Professional, Scientific, and Technical Services: 18.66 %
- Finance and Insurance: 12.23 %
- Administrative and Support: 9.94 %
Currently, low unemployment rate and it has a decreasing trend. (Check our data)
Major University:
- University of Illinois at Chicago (2 miles)
- DePaul University (3 miles)
- Illinois Institute of Technology (4 miles)
- University of Chicago (7 miles)
- Northwestern University (11 miles)
Major Airport:
- Chicago Midway International, Illinois (10 miles)
- Chicago O'Hare International, Illinois (16 miles)
🔥 Opportunities
Change in the direction of decreasing housing values from April, 2022. (Check our data)
County-level homicide has increased. (Check our data)
Overview
Address: 340 East North Water Street, Chicago, Illinois 60611, United States (Google Map)
- Score Overview
- Currently, Tier 2 market - relatively more stable market
- For the past 3-year growth, Tier 10 growth market - less growth market and housing value year-over-year growth for the past 3-year was -8.65 YoY%
- For the next 3-year forecast, Tier 10 forecast - it is predicted that housing prices will increase by 3.55% annually for the next 3 years.
- Market Stadium Overview: Already an established area but growing slowly. However, since new development is on its way, it could lead to a high potential to grow.
- Avg. housing Value: $ 385k
- Housing Value YoY growth (last 3-year): -8.65 YoY %
- Housing Value YoY Forecast (Next 3-year): 3.55 YoY %
- Housing Rent YoY Forecast (Next 3-year): 4.04 YoY %
- A majority residence commutes by Walking
- Walk Score is 93/100:: Daily errands do not require a car
- Market Stadium Supply & Demand Factors:
- A majority residence - Ages 25-34
- Fast growing residence - Ages 55-59
- Renter is dominant type
- Under Renter, 50+ units apartment is currently dominant but 20-49 units had been growing for the last 3-year
- 1-bed is dominant/ Studio had been growing for the past 3-year:
- 1-bed Sales price per sqft: 705 PSF
- 1-bed Rent price per sqft: 3.95 PSF (rent price: $3,035/ unit size: 1,005 sqft)
Market Score Market Indicators (Current Market Score Indicators)
The Current Market Score above is based on the latest specific market indicators that assess current market conditions.
👀 Let's explore the outstanding indicators that are considered for each score!!!
- 🔥 Highlights
- Currently, relatively higher scores in Walkability, GDP, GDP per Capita, Housing unit, Human Capital, H1b Attainment (international employee), Unemployment (higher scores, lower unemployment %) compared to other locations in the US
- Housing value is not in the highest percentile in the US which represents more rooms to growth
- 🔥 Opportunities
- Current Supply is higher than the Demand, especially higher scores in median days on market
- Lower safety score (higher severe crimes) which is one of the concerns in Chicago
- Higher property tax % (lower score)
Below is a Market indicator composed of Current Market Score. Explains why a location has a Tier 2 score and which indicators are stronger compared to other locations.
All scores are percentile scores (a scale of 1-100)100 score = 1st ranked // 1 score = last ranked compared to all other locations in the US
A percentile score for current market indicators is based on the latest available values.
- For example, a percentile score for current home value is generated based on the latest available value, which is May 2023
Market Score Market Indicators (Growth Market Score Indicators)
The Growth Market Score above is based on the past 6-month to 3-year growth of specific market indicators that assess recent growth of a location.
👀 Let's explore the outstanding indicators that are considered for each score!!!
- 🔥 Highlights
- Relatively higher growth scores in housing unit, property view scores, educations, University R&D funding by county compared to other locations in the US
- Violent crime decreased during (2019-2022) more compared to other locations in the US
- 🔥 Opportunities
- Median days on Market during (04/2020 - 04/2023) increased more than other locations in the US which generated higher supply
Below is a Market indicator composed of Growth Market Score. Explains why a location has a Tier 10 score and which indicators are stronger compared to other locations.
All scores are percentile scores (a scale of 1-100)100 score = 1st ranked // 1 score = last ranked compared to all other locations in the US
A percentile score for growth market indicators is based on the growth of the actual value for the past 6 months to 3 years
- For example, a percentile score for housing value growth is generated based on the year-over-year changes for the past 3 years, which is May 2020 - May 2023
Market Stadium Major Stats:
- Median Income: $104k
- Median Income (Age 45-64): $200k+
- Bachelor’s or above: 91.6%
- Bachelor’s or above (Millennials): 99.1%
- Six figure Earner %: 54.35%
- Major University:
- University of Illinois at Chicago (2 miles)
- DePaul University (3 miles)
- Illinois Institute of Technology (4 miles)
- University of Chicago (7 miles)
- Northwestern University (11 miles)
- Major Airport:
- Chicago Midway International, Illinois (10 miles)
- Chicago O'Hare International, Illinois (16 miles)
- Retail nearby: This location is located in Retail corridor, with plenty of Starbucks and major grocery stores: Jewel-Osco and Whole Foods.
- Commute (where to commute): Most residences commute to areas nearby Northwestern Univ. & Loyola University. A major job sectors in the employment hub (commuters’ destination) are university jobs and health care & social assistance
- Employment Hub Nearby Location: It is located in/nearby Employment Hub where there are many job industries in Health are and Social Assistance & Professional, Scientific, and Tech services
- Flood Risk: The location itself is safe in a flooded area, but there is a dangerous area nearby, so it is better to consider it.
- School District Score: It is located a bit far from the the good schools which are mostly on the north side of the location (red color school has better than orange and yellow)
- Transit: It is nearby Union/Streeterville Express line
Key Factor Time Series:
- Population Forecast
- Employment Forecast (# of employment)
- Housing Value
- Vacancy % (all housing type)
- Job Openings (total jobs) around Zipcode area that includes the site
- Job Openings % (Finance) around Zipcode area that includes the site : Jobs in the Finance sector shifted their direction to increase from Feb 2023, while overall job openings are still on the decline.
- Job Openings % (Life Science) around Zipcode area that includes the site : Jobs in the life sciences sector shifted their direction to increase from March 2023, while overall job openings are still on the decline.
- Unemployment Rate %
- Homicide by County-level (Number of deaths due to homicide per 100,000 population)
- Education % (Millennials): The percentage of millennials with a bachelor's degree or higher has generally increased since 2012
Multifamily (all class level):
Multifamily (Class A):
Multifamily (Class C):
