Overview

Description

RI Marketplace Online Auction May 13-15, 2024
Register to Bid on Marketplace:

https://rimarketplace.com/auction/1924/former-long-john-silver-s-13k-vpd?utm_source=brevitas&utm_medium=listing&utm_campaign=retail_1924

Marcus & Millichap and RI Marketplace are pleased to present a vacant, free-standing, retail/QSR building located at 710 West Main Street in West Frankfort, Illinois (the “Property”). The Property is offered significantly below replacement cost and offers an exceptional owner/user or investment opportunity with significant value enhancement potential at a significant discount. FIRST BID MEETS RESERVE!

Built in 1977, the Property is comprised of a one-story, free-standing restaurant building totaling ±1,795 square feet. Positioned on ±0.7822 acres of land, the Property offers excellent visibility and 33 parking spaces. The Property has a WalkScore® of 61, Somewhat Walkable, and is easily accessible via two points of egress/ingress with frontage along the heavily trafficked West Main Street. The Property was formerly occupied by Long John Silver’s on a triple net lease and offers potential investors the ability to acquire a free-standing retail building with significant value add through lease up at long term market rates (CoStar estimated retail rents of $14 NNN). The Property is zoned I-2, Industrial district, and offers favorable flexible zoning allowing for a variety of commercial uses via adaptive reuse or repositioning. The use of a restaurant/retail is permitted by right in the I-2 zone, and the Property appears to be conforming to West Frankfort’s current zoning district requirements. The tenant, Long John Silver’s is still operating at this location with a lease expiration and vacate date of May 31, 2024.

This former Long John Silvers is situated on a corner parcel along the south side of West Main Street (±13,597 VPD) and east of Taft Street, in the city of West Frankfort, Franklin County, IL. The Property is positioned, approximately 85 miles from the major city of St. Louis, Missouri. This former QSR is located along a main commercial corridor just off the heavily trafficked I-57 (±33,680 VPD) near Factory Outlet Blvd and close to many attractions, shopping destinations, and restaurants. The Property is positioned less than 1-minute of I-57’s Exit 65, one of the primary highways in the area which provides connectivity to nearby cities and regions. There are several national retailers in the immediate area driving consistent traffic to the area including Kroger, Ollie’s, McDonald’s, Taco Bell, Napa Auto Parts, Subway, and CVS to name a few. The Property is located ±5 minutes from numerous outdoor recreation options including Franklin County Country Club, Frankfort Community Park, and the West Frankfort Aquatic and Activities Center. Additionally, the Property is located within ±20-minutes from Rend Lake, a major leisure demand driver managed by the U.S. Army Corps of Engineers, and the second-largest man-made lake in Illinois, with 19,000 acres of water, 162 miles of shoreline, 6 major recreation areas featuring campgrounds, beaches, picnic and public wildlife areas. The Property is located in an area that serves±12,203 people within a 5-mile area and ±52,316 individuals with an AHHI of ±$70,440 within an expanded 10-mile area.

Scott Bowers, Auctioneer
c/o Fisher Auction Company Inc.
License: 040000273

Highlights

• 1,795 SF Freestanding, Value-Add Retail (Former Long John Silver's) Available at a Substantial Discount
• Strong Retail Corridor including Kroger, Ollie’s, McDonald’s, Taco Bell, Subway, Napa Auto Parts, and more
• Direct Frontage on W Main Street with Traffic Counts of 13,597 VPD and Near I-57 with ±33K VPD
• Zoned I-2, Industrial and Suitable for a Variety of Uses including Retail and Restaurant
• Strategic Location Just ±0.5-Miles from I-57, 10-Min from Benton, IL, and 20-Min from Wiliamson County Airport
• Tenant is Still Operating at Location with a Lease Expiration and Vacate Date of May 31, 2024
• Absolute $1 Auction – NO RESERVE!

Documents

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