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© 2018-2019 JSO Valuation Group, Ltd.

  • JSO Valuation, Ltd.,

Community Spotlight Archive - Mount Prospect

Updated: Mar 23

January 2018


Source: https://www.mountprospect.org/Home/Components/News/News/7515/1042

The Village of Mount Prospect is located to the northwest of the city of Chicago in Cook County, just to the north of Elk Grove Village. It is part of the Chicago metropolitan area, which consists of over 4,600 square miles of land located at the southwestern tip of Lake Michigan in northeastern Illinois and northwestern Indiana. It is approximately 20 miles northwest of Chicago’s central business district known as the Loop and approximately 10 miles north of O’Hare International Airport. Mount Prospect is surrounded by Prospect Heights and Wheeling to the north, Northbrook and Glenview to the east, Des Plaines to the south, and Elk Grove Village and Arlington Heights to the west. This is a community that occupies approximately ten square miles.


Boundaries


For the most part, the Chicago metropolitan area is flat and in many cases, community boundaries can be relatively arbitrary. They tend to wrap around large land uses such as a cemetery, or stop at the lake, a canal, a river or a railway track, or follow a main road or section street. The Mount Prospect community area is bounded by the Northwest Tollway (Interstate 90) on the south, Camp McDonald Road, Elmhurst Road, Euclid Avenue and part of Wolf Road on the north, Tamarack Avenue and Meyer Avenue to the west and Elmhurst Road, Golf Road, Mount Prospect Road, Central Road and Wolf Road to the east.


The immediate area does have high-density levels with numerous single-home, multi-family apartment buildings and office buildings in the near proximity along Northwest Highway. Most improvements have on-site parking, however street parking does not appear to be a problem.


The Mount Prospect community has a gridiron street pattern similar to most areas in Chicago. The streets appear to be well maintained and are considered to be in average condition.


Population

Between 2000 and 2010 the population of Mount Prospect decreased by 3.7%. Prospect Heights had the greatest decrease by at -4.8% from 17,081 people to 16,256. Wheeling had the greatest increase at 9.1%, growing from 34,496 to 37,648 persons. While there were both increases and decreases, all of these changes are either within the bounds of stable communities or show considerable growth.


The table below highlights the population changes between 2000 and 2010 in Mount Prospect and in four surrounding communities.



The median age in Cook County is 35.1 years while in Mount Prospect it is 39.5 years old. In Wheeling it is lower at 35.7 while in Northbrook it is very high at 47 years old.


There are 20,447 households with an average population of 2.63 per household as against 2.45 in Arlington Heights and 2.67 in Glenview. In Cook County, it is also 2.63.

Income




The Village of Mount Prospect and its surrounding communities are all mid- to upper-income. Mount Prospect has a median household income of $67,882. Northbrook has the highest median household income of the surrounding communities at $113,089. Wheeling has the lowest median household income of the surrounding communities at $55,869, though Cook County has a lower median household income at $53,942.

Mount Prospect’s per capita income is at $33,209, which is on the lower end of the range. Northbrook has the highest per capita income at $57,619, while Wheeling has the lowest per capita income at $26,691. Mount Prospect’s per capita income is higher than Cook County’s, which is $29,335.

Aside from Cook County, Wheeling has the highest percentage of people living under the poverty line at 9% and Northbrook has the lowest percentage at 3.4%. Mount Prospect is at 5.6%.


Employment

The table is a chart of the ten major employers in Mount Prospect. Caremark is the most prominent and employs 800 residents in Mount Prospect.



Source: Mount Prospect 2010 Comprehensive Annual Financial Report




Mount Prospect has an unemployment rate of 6.5% as of May, 2012. Wheeling and Elk Grove Village have unemployment rates of 7.2%, and Des Plaines has the highest unemployment rate of the surrounding communities at 8%. Cook County’s unemployment rate is 9%. Northbrook has the lowest unemployment rate at 6%.


Economy

Cook County had an increase in employment of 33,465 (+1.7%) from March 2010 to March 2011. The City of Chicago had an increase in employment of 23,045 (+2.3%). Industry sectors with the biggest employment increases in the county during that time period were Administrative & Support, Waste Management & Remediation Services Health Care & Social Assistance being the top three.

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The table on the following page highlights six areas of comparability – Construction, Manufacturing, Wholesale Retail, Finance and Health – in Mount Prospect and some of the surrounding communities. Employment in Health Care is 15% in Cook County, but only 5% in Mount Prospect. In fact, it is low in all of the communities except for Des Plaines, which is at 14%.


In the Finance industry, Mount Prospect is relatively close to Cook County, having 6% and 7% respectively. In Wheeling it is very low, at around 1% while in Northbrook it is closer to 5%. Des Plaines also has a relatively low Finance industry, at about 4%.

Countywide jobs in Retailing are at around 11%. In Mount Prospect it is much higher, at 21%, due to Randhurst Village, a large mall in Mount Prospect. The other towns all had percentages between six and eight percent.


When it comes to Construction, Manufacturing, and Wholesale, 17% of the positions are countywide. In Mount Prospect, they account for 27% of positions. In Wheeling, 56% of the positions are in those industries. Northbrook is much lower at about 13%, but Des Plaines is also rather high, at 32%.



Source: Illinois Department of Employment Security
Local Economic Forces

The Village of Mount Prospect is primarily populated by middle-income households. Most of Mount Prospect’s businesses are small retail or office establishments. This appears to be the local employment base. There is also the Randhurst Village Lifestyle Center, formerly known as Randhurst Mall.


Randhurst Mall was located at the corner of Rand Road and Elmhurst Road in Mount Prospect, Illinois. The mall took its name from combining the names of these two roads. The original owner of the mall was the Randhurst Corporation (a joint venture of Carson Pirie Scott, Wieboldt's, and Montgomery Ward); the land is currently owned by Casto Lifestyle Properties. At the time of its 1962 opening, it was the first enclosed regional mall in the Chicago area and the largest enclosed air-conditioned space in the United States. At its 2008 closure, the mall was anchored by Bed Bath & Beyond, Carson Pirie Scott, and Costco.


As Randhurst Village, the anchor stores are Costco, Carson Pirie Scott, Bed Bath & Beyond, The Home Depot, Jewel-Osco, AMC Randhurst Village 12, Sports Authority, Old Navy, T.J. Maxx, and Petsmart. There are several other stores as well as restaurants, banks, and a Hampton Inn & Suites hotel. The mall has 1.4 million square feet of retail floor area.


According to the Mount Prospect website, “Corporations discover a full range of outstanding business locations such as the established Kensington Business Park to the newly renovated Randhurst Village to the mixed-use downtown to light industrial properties located on the southern edge of the Village and Interstate 90. Retailers also have a choice of 26 shopping centers found along major corridors including Northwest Highway (Route 14), Rand Road (Route 12) and other commercial arterial roads” (www.mountprospect.org).


Transportation

Interstate 90 (the Northwest Tollway) provides quick access to the Chicago metropolitan area. To the east, Interstate 294 (the Tristate Tollway) runs almost directly north-south, and connects with I-94 (the Edens) which also provides quick access to Chicago. The driving time to O’Hare International Airport is about 25 minutes. The time to Midway International Airport is closer to an hour.


There are Pace bus lines running along the major streets in Mount Prospect. While the driving time to the Loop is about 40 minutes, assuming there is no traffic, commuters can also reach the Loop via the Union Pacific Northwest Metra line, which has a stop in the center of Mount Prospect. Bus transportation is available throughout the district (RTA).


The subject property is located in the village of Mount Prospect, which provides adequate services ranging from fire and police protection, water, public schools, public transportation, etc.


Recent Developments

Randhurst Village was completed late in 2011, and is still attracting new tenants. United Airlines has also been granted approval to construct a 175,000 square foot warehouse on the west side of their office campus. The facility will be used as a backup computer data center and is expected to be completed by the summer of 2013. They are striving for LEEDS Gold Certification for their entire project, which means their designs and materials will be environmentally friendly.

Mount Prospect advertises itself as being very friendly to businesses looking to move in as well as those wishing to renovate.


Conclusion

The Mount Prospect community is an area with a stable middle class. The subject area is not expected to realize any rapid appreciation or depreciation in the immediate area. The subject neighborhood enjoys an average balance of supply and demand providing a stable commercial base.


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