Why We Are Watching Multifamily Real Estate In The Cook County Suburb of Niles,IL
Welcome to “An Essex Broker’s Guide To,” a monthly series where Essex Realty Group, Inc. brokers share their expertise about the neighborhoods and cities they focus on. This month Associate Anthony Citriglia shares his guide to Niles, IL.
Anthony joined Essex as an Associate in 2019 with a primary focus on multifamily investment sales in the north and northwest suburbs of Chicago.
Before joining Essex, Anthony worked with @properties Commercial, where he specialized in the transactions of retail, hospitality, and multifamily properties. Prior to that, Anthony worked in the hospitality industry, which helped shape the way he provides personalized services to his clients.
Anthony lives in Portage Park in a small multi-family building he owns and operates. Outside of work, Anthony enjoys practicing Yoga, Muay Thai (Thai boxing), and cooking for friends and family. Anthony is an active member of the Six Corners Association and the Portage Park Neighborhood Association.
Anthony attended Lakeland College and is actively perusing his CCIM accreditation.
Q: What is your favorite thing about Niles?
Anthony: I think one of the greatest things about Niles is the convenience of it! Situated just north of the northwest side of Chicago, Niles gives you all the comforts and suitability of a suburb, while still giving you quick and easy access to Chicago and some of its vibrant northwest neighborhoods including Edison Park, Sauganash and Jefferson Park. Niles is also unique in that it provides a combination of suburban comforts, such as Golf Mill Shopping Center, and easy access to nature escapes like the Cook County Forest Preserve. After living in Lakeview for ten years, I recently moved to the northwest neighborhood Portage Park. I often find myself heading to the North Branch Trail for hikes and bike rides and the trail cuts right through Niles. It really feels like a true oasis away from the hustle and bustle of the city!
Q: What is your favorite restaurant in Niles?
Anthony: I am one of those people who can never pick a favorite because I am a foodie at heart, so it really just depends on what I’m craving that day. In Niles I love to head over to Amici Ristorante on Milwaukee when I am in the mood for old school Italian. The restaurant has great ambiance, huge portions, and they are often playing Dean Martin in the background – my favorite! Papagalino Café is a perfect spot to grab coffee or a drink, and I love to stop here after showings to grab a spanakopitakia (savory Greek spinach pie). I always have to bring home an extra order, along with their baklava, for my pregnant fiancé. I don’t want to find out what happens if I ever forget it!
Q: If you had one hour in Niles, what would you do?
Anthony: If I only had one hour to spend in Niles, I would likely spend it strolling the aisles at H-Mart and Jerry’s Fruit Market. If grocery shopping doesn’t sound exciting to you, I bet it is because you have never been to H-Mart! It is a supersized Korean market where you can find everything from salmon roe and fresh sushi, to Kobe beef, whole fish and live seafood. For a non-food experience, the King Spa and Sauna is a unique way to spend an afternoon, exploring their salt cave, hot coal room or grabbing a massage. If you’ve got kids, visiting the Leaning Tower of Niles is a cool way to spend an hour – it’s a half-sized replica of the famous Leaning Tower of Pisa in Italy, and is a fun attraction unique to Niles.
Q: Give me three reasons why I should invest in Niles?
Anthony:
- Supply. I think a new investor has the opportunity to capitalize on the huge supply of six flats in the area. These properties provide a low barrier of entry for a new investor just getting into multifamily properties and are a profitable starting point for someone starting a portfolio.
- Rental Demand. There is consistent demand for apartments in Niles, and there has been steady rental increase year after year, which makes investing in the area a solid choice. There are also a lot of value-add opportunities available on the market. There are a lot of properties in Niles that are owned by long-term owners and filled with long-term tenants, many of them renting well below market. A new owner has the opportunity to add-value by updating the units that have been occupied for a long time by the same renter and then bringing rents to market rates.
- Bang for your Buck. Investing in Niles offers a better bang for your buck than trying to invest in property within the city of Chicago or its close suburban counter parts. With Niles being close to the city and O’Hare, and sandwiched between Des Plaines and Skokie, a renter or property owner is able to enjoy the conveniences of each neighboring community without the increased costs. Niles provides you with great buying power to really find the property that’s right for your investment.
Q: What is the most underrated thing about Niles?
Anthony: I think the most underrated thing about Niles is that it’s a suburb! I think Chicagoans sometimes have a funny fear of becoming a suburbanite, and I’ll admit that I’ve felt that way after living in the city for so long. What people forget about suburbs is their great convenience – heading to Target or Costco in Niles takes half the time that it would hitting up one in the city, and you can count on it having what you actually need! Niles is a great choice for people who want to “have their cake and eat it too” – it really provides easy access to the culture and hustle and bustle of the city, while still giving you options for a quiet day at the park or a quick trip to the Des Plaines casino.
Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.