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Savoy, IL Commercial Investment Properties for Sale

Explore commercial real estate investment properties for sale in Savoy, Illinois Market population: 7K. Explore income-producing properties with verified cap rates and operating...

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Investment Opportunity in La Grange Park, IL

$1,190,000
La Grange Park Multifamily

This multifamily apartment property located in La Grange Park, IL, presents a compelling investment opportunity for real...

Cap Rate 7.68%
NOI $91,392
Size 5,200 SF

πŸ“Š Average Cap Rate For Savoy IL Properties: 7.68%

πŸ“Š Avg Property Tax Rate For Savoy IL Properties: 2.4200%

πŸ“Š Average Income For Savoy IL Commercial Property: $59,153

Investor Questions For Savoy IL

Common questions from investors exploring commercial real estate in Savoy IL.

What's the overall investment outlook for Savoy, IL, considering its demographics and economy? +
With a median household income of $59,153 and a relatively low poverty rate of 13.2%, Savoy, IL, presents a stable investment market, further strengthened by its diverse economy with top industries in Wholesale Trade, Information, and Finance & Insurance, & Real Estate & Rental & Leasing, serving a population with a high health insurance coverage rate of 96.3%.
How does the commute time and method impact the quality of life for renters in Savoy, IL? +
The average commute time of 18.4 minutes in Savoy, IL, combined with the top commute methods being driving alone, working from home, and carpooling, suggests a convenient and flexible lifestyle for renters, which is especially appealing given the town's median property value of $202,800 and a homeownership rate of 54.0%.
What role does ethnic diversity play in the demand for real estate in Savoy, IL? +
The ethnic diversity in Savoy, IL, with top ethnicities being White, White Non-Hispanic, and Asian, contributes to a vibrant community, which can drive demand for real estate, especially when coupled with the town's strong employment numbers, including an employed population of 3,426 and a median household income of $59,153, indicating a stable tenant base.
How do poverty rates and health insurance coverage interact to affect the tenant quality in Savoy, IL? +
The 13.2% poverty rate in Savoy, IL, when considered alongside the high health insurance coverage rate of 96.3%, suggests a working-class market with a degree of employment stability and access to healthcare, which can contribute to a more reliable tenant base for investors, further supported by the town's low average commute time and diverse industries.
What insights can be gleaned from the income inequality and homeownership rate in Savoy, IL, for real estate investment? +
The GINI coefficient of 0.426, indicating moderate income inequality, combined with a homeownership rate of 54.0% in Savoy, IL, suggests a balanced market where there is potential for both rental income and property appreciation, especially given the median property value of $202,800 and the presence of significant industries like Wholesale Trade and Finance & Insurance, & Real Estate & Rental & Leasing.

Savoy IL Real Estate & City Facts

Key facts and real estate information about Savoy IL.

What are some of the best neighborhoods to live in Savoy? +
Some of the best neighborhoods to live in Savoy include Prairie Fields, which is known for being a well-maintained and peaceful neighborhood with a family-friendly environment. Other desired areas tend to be in the east parts of the city, while more affordable homes are in the southwest regions.
What are some fun things to do in Savoy? +
There are several fun things to do in Savoy, including visiting Triptych Brewing, Dana Colbert Park, and Burwash Park. You can also check out the University of Illinois Golf Course or attend a sporting event. Additionally, there are various events and activities happening in Savoy, such as brewery tours and tastings.
What is the food scene like in Savoy? +
The food scene in Savoy includes a variety of options, such as El Rancho Grande II, which serves Mexican cuisine, and Smoky's House BBQ, which offers barbecue. There's also Kyle's Corner, which brings Greek and American favorites to the area. Additionally, the surrounding Champaign-Urbana area has a diverse culinary scene, with a variety of Asian cuisine options.
What are the pros and cons of living in Savoy? +
The pros of living in Savoy include its urban suburban mix feel, with most residents owning their homes. The city also has a relatively low poverty rate and a high health insurance coverage rate. However, some cons include the potential for higher property taxes and a relatively high income inequality rate. Overall, Savoy is considered one of the best places to live in Illinois.
Is Savoy a good place to live? +
Savoy is generally considered a good place to live, with its family-friendly environment, various amenities, and relatively low crime rate. However, as with any city, there are both pros and cons to consider. Ultimately, whether Savoy is a good fit for you will depend on your individual preferences and priorities.
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