Just Listed | Dark GoodYear Retail / Industrial Flex

Highlights:

• Attractive Basis: $93/SF, significantly below replacement cost
• Credit Legacy: Former Goodyear-backed tenancy (S&P: BB-)
• Below Market Rent: $5.58/SF NNN provides defensible entry economics
• Pro-Forma Yield: 6.00% achievable at market rents
• Flexible Strategies: re-tenant with regional/national credit users; sell to an owner/user; redevelop or reposition
• 1031 Appeal: Ideal exchange size and structure

Description:

Executive Overview

DWG Capital Group presents a value-add industrial credit opportunity in Harrisburg, IL. The ±34,621 SF facility, formerly corporately guaranteed by Goodyear (S&P: BB-), offers entry at $93/SF, well below replacement cost. With a pro-forma NOI of $193,200 and implied rent of $5.58/SF NNN, the property is competitively priced, defensible on re-tenanting, and positioned for future upside.

Offering Summary

Address: 709 S. Commercial Street, Harrisburg, IL 62946

Price: $3,220,000 ($93/SF)

Pro-Forma NOI: $193,200

Cap Rate: 6.00% (market re-tenanting)

Implied Rent: $5.58/SF NNN

Building Size: ±34,621 SF

Lot Size: ±2.78 Acres

Year Built: 1983

Status: Vacant – Former Goodyear / Raben Tire

Market & Location

Strategic tri-state hub serving Illinois, Kentucky, and Indiana

Direct interstate and airport access

Carbondale–Marion market with rent growth, low vacancy, limited supply

Cost-competitive labor base supporting tenant operations

Tenant / Credit Profile – The Goodyear Tire & Rubber Company (S&P: BB-)

Q1 2025 Net Sales: $4.3 billion

Net Income: $115 million

Segment Operating Income: $195 million

Transformation Plan: $200 million in portfolio and efficiency benefits

Credit Rating: BB- (stable); Debt/EBITDA below 5x; free cash flow to debt 5%+

Global Footprint: 72,000 employees, 57 facilities in 23 countries, two innovation centers (Akron, OH and Luxembourg)

Market Rent & Comparable Positioning

Regional Flex/Industrial Average: $6.00–$7.50/SF NNN

Retail Corridor Benchmarks: $10.00–$15.00/SF NNN in Illinois secondary markets

In-Place Rent: $5.58/SF NNN – defensible entry with upside

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