Elgin, Illinois, a city located 35 miles northwest of Chicago along the Fox River, offers a unique opportunity for investors to capitalize on the growing demand for restaurants. With a population of approximately 115,000, Elgin presents a diverse and educated community, making it an attractive location for restaurants. Restaurants in Elgin can represent a range of investments, from casual eateries to fine dining establishments, catering to the city's diverse population. Elgin's amenities, infrastructure, location, education, and geography make it an ideal place to invest in a restaurant. The city is home to institutions like Elgin Community College, Judson University, and National Louis University, ensuring a steady flow of students and professionals. Additionally, Elgin's cultural attractions, such as the Hemmens Cultural Center and the Elgin Public Museum, draw visitors from across the region. The city's proximity to Chicago and its transportation infrastructure, including three Metra stations and several bus routes, make it easily accessible to customers from surrounding areas. Elgin's rich history, cultural diversity, and growing economy create a unique environment for restaurants to thrive.
With 3 restaurants for sale in Elgin, investors have a range of options to choose from. Elgin's restaurants benefit from the city's strong economy, driven by major industries like manufacturing, education, and entertainment. The city's largest employers, including Advocate Sherman Hospital, School District U-46, and Presence Saint Joseph Hospital, contribute to a stable workforce. In addition to restaurants, Elgin offers a range of other property types, including apartment buildings, shopping centers, specialty properties, and hotels. Apartment buildings in Elgin offer investors a chance to capitalize on the city's growing population, while shopping centers provide a hub for local businesses. Specialty properties, such as the Grand Victoria Casino, attract visitors from across the region, and hotels cater to the city's growing tourism industry. With its unique blend of history, culture, and economic growth, Elgin presents a compelling opportunity for investors to explore the city's diverse range of properties.
What is the average cost per square foot for a restaurant in Elgin?
For those interested in purchasing a restaurant in Elgin, the average cost per square foot is $1,639 USD per square foot, with an average size of 8,448 square feet and a largest size of 20,076 square feet, offering a range of options among the 3 available listings.
What factors determine the value of a restaurant for sale in Elgin?
When evaluating the value of a restaurant for sale in Elgin, several key factors come into play, including:
- Location, with proximity to major transportation hubs like the Fox River and Metra's Milwaukee District West Line, as well as accessibility to local amenities like Lords Park and the Centre of Elgin, impacting foot traffic and customer draw;
- Size and layout, with average restaurant sizes in Elgin ranging from 8,448 square feet to 20,076 square feet, and the ability to accommodate a desired number of patrons and staff;
- Financial performance, including the average price per square foot of $1,639 USD and average cap rate of 5.5%, as well as the restaurant's revenue, profitability, and growth potential.
