Almagro features strong commercial activity along its avenues, and has a high population density due to the many high-rise buildings erected along the railway line.

In the 18th century, what is now the western part of Almagro belonged to Portuguese merchant Carlos de los Santos Valente and then to his estate.

The neighbourhood came into its own around 1900, following the erection of the San Carlos parish church in 1878, the introduction of the tramway, and the massive immigration (Almagro was settled mostly by Basques and Italians).

Due to its proximity to the Abasto market, singer Carlos Gardel was a frequent visitor, and in 1930 he recorded a tango named Almagro.

To accommodate the growing number of students, the faculty of Humanities ("Filosofía y Letras") of Buenos Aires University was relocated to Puán street during the 1980s.

Among Almagro's residents of note were boxer Luis Ángel Firpo, poet Alfonsina Storni, and physician and politician Juan B. Justo.

Instituto Privado Argentino-Japonés or Nichia Gakuin, a private elementary and middle school, is located at Yatay 261 and Pringles 268 (two addresses for the same building) in Almagro.

Parque Centenario, located a little beyond the western edge of Almagro, features an arts-and-crafts and antiques fair on Sundays, and is occasionally used as a concert venue.