Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2 Clarendon Ct Savoy, IL 61874
    Back to Search

    Meet Realmo: The Largest Hub of Commercial Real Estate in the US

    Over 1 million active listings and over 150 million property profiles

    Property profile & analytics

    2 Clarendon Ct Savoy, IL 61874

    View on Map
    • Land
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 2 Clarendon Ct

    Property type
    Land

    Description

    This exceptional investment opportunity presents a 0.5-acre commercial land parcel in Savoy, Illinois, located at Lot 2 Clarendon Ct, 61874. Currently vacant, this property is zoned for the development of up to an eight-unit apartment building. The site boasts a prime location near major arterial roads, offering convenient access to excellent air transportation facilities. Its upscale neighborhood is surrounded by numerous shopping options, high-quality service providers, and diverse restaurants. This property is ideal for 1031 exchange buyers seeking a substantial investment in a high-growth area. The offering includes the 0.5-acre lot, with the possibility of acquiring two additional adjoining plots (sold separately or as a package). This presents a unique chance to develop a comprehensive project in a thriving community. The combined properties offer a significant amount of prime real estate in a highly desirable location. This is a rare opportunity to create a landmark investment in a flourishing district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Savoy
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2529
    Latitude
    40.0603

    Comparable in this City

    • Value Estimation by Request

      103 Calvin St

      Land
      103 Calvin St, Savoy, IL 61874
      View Details
    • Value Estimation by Request
      0.50 Acres

      1 Clarendon Ct

      Land • 0.50 Acres
      1 Clarendon Ct, Savoy, IL 61874
      View Details
    • Value Estimation by Request
      1.00 Acre

      3 Clarendon Ct

      Land • 1.00 Acre
      3 Clarendon Ct, Savoy, IL 61874
      View Details
    • Value Estimation by Request
      1.18 Acres

      Savoy, IL 61874

      COMMERCIAL (GENERAL) • 1.18 Acres
      Savoy, IL 61874
      View Details
    • Value Estimation by Request

      Savoy, IL 61874

      COMMERCIAL (GENERAL)
      Savoy, IL 61874
      View Details
    • Value Estimation by Request

      108 Arbours Dr

      COMMERCIAL (GENERAL)
      108 Arbours Dr, Savoy, IL 61874-9661
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      19 Acres Zoned Commercial Land

      19 acres of commercial land adjacent to Wal-Mart.
      505 S Dunlap Ave, Savoy, IL 61874
      View Details
    • $450,000
      Pending

      Savoy, IL Commercial Development Land

      1.97-acre commercial parcel in high-growth Savoy corridor.
      612 Clarendon Ct, Savoy, IL 61874
      View Details
    • $125,000
      0.33 Acres

      Prime Commercial Lot in Savoy

      Last available lot in a thriving Savoy commercial area.
      103 Calvin St, Savoy, IL 61874
      View Details
    • $899,000

      Savoy Restaurant Opportunity For Sale

      Turnkey restaurant property in a thriving Central Illinois business district.
      405 South Dunlap Ave, Savoy, IL 61874
      View Details
    • $325,000
      2,544 SF

      2,544 SF Office Condo For Sale

      2,544 SF Office Condo For Sale
      1401 Regency Dr E Ste D, Savoy, IL 61874
      View Details
    • $1,900,000
      28,000 SF

      Established Savoy Commercial Property

      2.5-acre property with 28,000 SF building in Savoy, IL.
      208 W Curtis Rd, Savoy, IL 61874
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Savoy Retail Space For Rent

      High-end retail space available in Savoy, Illinois.
      501 Commerce Dr, Savoy, IL 61874
      View Details
    • Contact for pricing
      1,600 SF

      Savoy Retail Space For Lease

      Retail space available in Savoy Plaza, anchored by Schnucks.
      1201-1335 Savoy Plaza Ln, Savoy, IL 61874
      View Details
    • Contact for pricing

      Retail Space in Savoy Plaza

      Retail space for lease in Savoy, Illinois anchored by Schnucks.
      1201 Savoy Plaza Ln, Savoy, IL 61874
      View Details
    • $16 SF/Yr
      1,200 SF

      Renovated Office Space Available

      Modern 1,200 SF office space with excellent visibility.
      1800 Woodfield Dr, Savoy, IL 61874
      View Details
    • $24 SF/Yr
      670 SF

      Savoy Class A Office Space

      Class A office space featuring reception, offices, restroom, and kitchenette.
      411 N Clarendon Ct, Savoy, IL 61874
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2 Clarendon Ct
    Savoy, IL 61874
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2 Clarendon Ct, Savoy, IL, 61874
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!