Understanding the Commercial Real Estate World of Ashburn, Chicago
Ashburn, located on the southwest side of Chicago, is a neighborhood with a rich history and a strong sense of community. It is predominantly residential, characterized by tree-lined streets and well-maintained homes, but it also has a growing commercial real estate market that caters to the needs of its diverse population. This article provides an overview of Ashburn’s commercial real estate landscape, offering insights into the neighborhood’s unique characteristics, economic trends, and key points of interest that contribute to its identity.
A Brief Overview of Ashburn
Ashburn is bordered by 75th Street to the north, Western Avenue to the east, 87th Street to the south, and Cicero Avenue to the west. The neighborhood is known for its strong middle-class presence, with a significant portion of its population being long-time residents. Over the years, Ashburn has evolved into a diverse community, with a mix of African American, Latino, and white residents contributing to its vibrant cultural landscape.
Originally a hub for manufacturing and railroads, Ashburn has transformed into a predominantly residential area. However, the neighborhood’s industrial past still influences its commercial real estate market, with several former industrial sites now serving new purposes, including retail spaces, offices, and community centers.
The Commercial Real Estate Landscape
Ashburn’s commercial real estate market is varied, offering opportunities in retail, office spaces, and light industrial properties. The neighborhood’s strong residential base provides a steady demand for local businesses, making it an attractive area for investors and entrepreneurs.
1. Retail Spaces: The main commercial corridors in Ashburn, including 79th Street, Pulaski Road, and Kedzie Avenue, are home to a variety of retail businesses. These areas are well-trafficked, serving the day-to-day needs of residents with grocery stores, restaurants, and service-based businesses.
2. Office Spaces: While Ashburn is largely residential, there are opportunities for small office spaces, particularly for medical practices, law firms, and other professional services. These offices are often located in mixed-use buildings or converted residential properties along major streets.
3. Light Industrial Properties: Some remnants of Ashburn’s industrial past remain, with light industrial properties available for businesses involved in manufacturing, distribution, or storage. These properties are often located near the neighborhood’s western edge, close to major transportation routes.
4. Mixed-Use Developments: Mixed-use properties are becoming more common in Ashburn, particularly along the busier commercial streets. These buildings typically feature ground-floor retail spaces with residential units above, providing stable rental income for investors.
Key Points of Interest in Ashburn
To fully understand the commercial real estate market in Ashburn, it’s important to recognize the neighborhood’s key landmarks and community assets. These points of interest not only define Ashburn’s character but also influence its commercial landscape:
- Ashburn Community Area: A local gathering place that hosts events and activities for residents, strengthening the neighborhood’s sense of community and supporting nearby businesses.
- Bogan High School: A major educational institution in Ashburn, Bogan High School attracts families to the area and supports businesses catering to students and staff.
- St. Denis Catholic Church: A long-standing religious institution that serves as a spiritual and cultural anchor in the neighborhood.
- Dawes Park: A popular park in Ashburn offering recreational facilities and green space, enhancing the quality of life for residents and increasing the appeal of nearby properties.
- Rauner Family YMCA: This community center provides a variety of programs and services, from fitness classes to childcare, drawing residents from across the neighborhood.
- Marquette Park: Located just north of Ashburn, Marquette Park is a large green space that offers sports facilities, picnic areas, and a golf course, contributing to the neighborhood’s appeal.
- Tarkington Elementary School: Another important educational institution, Tarkington Elementary supports Ashburn’s family-friendly atmosphere and contributes to the stability of the neighborhood.
- Ashburn Metra Station: Providing easy access to downtown Chicago, the Ashburn Metra Station is a critical transportation link for residents, boosting the value of nearby properties.
- St. Bede the Venerable Church: Another key religious institution in Ashburn, St. Bede’s plays a vital role in the community, hosting events and services that draw residents together.
- Pulaski Road Commercial Corridor: A major thoroughfare lined with various businesses, Pulaski Road is a key area for commercial activity in Ashburn.
- Kennedy Park: A small but well-loved park in Ashburn, Kennedy Park offers playgrounds and open space for families, contributing to the neighborhood’s livability.
- William J. Onahan Elementary School: Serving the northern part of Ashburn, Onahan Elementary is another key educational institution that supports the neighborhood’s family-oriented character.
- West Lawn Park: Located just east of Ashburn, West Lawn Park offers additional recreational facilities for residents, making the neighborhood more attractive to families.
- Ashburn Baptist Church: A historic church in the neighborhood, Ashburn Baptist has been a cornerstone of the community for generations.
- Scottsdale Park: Another popular park in Ashburn, Scottsdale Park offers sports facilities, a playground, and open green space, contributing to the neighborhood’s appeal.
- Ashburn Prairie: A natural area that preserves a piece of the neighborhood’s original landscape, Ashburn Prairie is a unique green space that adds to the area’s charm.
- Richard J. Daley College: Located just outside Ashburn, Daley College provides educational opportunities for residents and draws students from across the city.
- Ashburn Community Center: A local center offering various programs and services, the Ashburn Community Center is a hub for residents and supports the neighborhood’s strong sense of community.
Conclusion
Ashburn is a neighborhood that balances its rich history with the demands of a growing and diverse population. Its commercial real estate market offers a range of opportunities, from retail spaces and office properties to light industrial sites and mixed-use developments. The neighborhood’s key points of interest, from its schools and parks to its churches and community centers, contribute to its strong sense of community and make it an attractive area for businesses and investors.
Ashburn presents a stable and promising market for those looking to invest in commercial real estate. The neighborhood’s strong residential base, combined with its strategic location and community assets, offers potential for long-term growth and success. Whether you’re an entrepreneur looking to open a new business or an investor seeking stable returns, Ashburn has much to offer in the commercial real estate world.
