Springfield, Illinois, is a prime location for investing in restaurants, with a population of around 114,000 residents and a strong economy driven by government jobs and related industries. Restaurants in Springfield offer a unique opportunity to tap into the city's rich history and cultural attractions, making them an attractive investment option. From casual eateries to fine dining establishments, restaurants in Springfield cater to a diverse range of tastes and preferences. The city's amenities, including hospitals, parks, and sports facilities, make it an ideal location for restaurants to thrive. Additionally, Springfield's location near the Sangamon River and Lake Springfield provides a scenic backdrop for restaurants to attract customers. With a strong presence of institutions like the University of Illinois Springfield and Lincoln Land Community College, restaurants in Springfield can capitalize on the student population and faculty. The city's arts scene, featuring events like the Springfield Old Capitol Art Fair and the Route 66 Film Festival, also provides a unique opportunity for restaurants to attract customers interested in the local culture.
Springfield's restaurant scene is complemented by its other property types, including apartment buildings, shopping centers, specialty properties, and hotels. Apartment buildings in Springfield offer a range of options for residents, from luxury apartments to affordable housing. Shopping centers in the city provide a convenient location for residents to access essential goods and services. Specialty properties, such as office buildings and warehouses, cater to the city's growing business community. Hotels in Springfield, including those near the Abraham Lincoln Capital Airport, provide accommodations for visitors and business travelers. With 5 restaurants for sale in Springfield, investors have a wide range of options to choose from. Whether you're looking to invest in a casual eatery or a fine dining establishment, Springfield's restaurant market has something to offer. The city's unique blend of history, culture, and amenities makes it an attractive location for restaurants, and its other property types provide a strong foundation for a thriving business community.
What is the average cost per square foot for a restaurant in Springfield?
The average cost per square foot for a restaurant in Springfield is $252 USD per square foot, with an average size of 9,641 square feet and a largest size of 29,168 square feet, among the 5 available listings.
What factors determine the value of a restaurant for sale in Springfield?
When evaluating the value of a restaurant for sale in Springfield, several key factors come into play, including:
- Location, with proximity to major transportation hubs like Interstate 55 and I-72, as well as popular attractions like the Abraham Lincoln Presidential Library and Museum, being highly desirable;
- The restaurant's size, with an average size of 9,641 square feet, and a maximum size of 29,168 square feet, impacting its capacity and potential revenue;
- The restaurant's financial performance, including its average price per square foot of $252 USD and average cap rate of 11.68%, which can indicate its profitability and growth potential.
