$1 Auction – Former US Bank | 20K VPD
1,820 SF | Retail Building | Freeport, IL 61032 | $1 ($0/SF)
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1
- Property Type
-
Retail
- Square Feet
- 1,820 SF
Listing Contacts
Adam Sklaver
Verified Profile
Philip Kates
Verified Profile
Kyle Hynes
Verified Profile
Steven Weinstock
Verified Profile
- Property Info
Property Overview
Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace
Marcus & Millichap is pleased to present a vacant, free-standing, retail building previously occupied by US Bank at 1550 W Galena Avenue in Freeport, 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 1985, the Property is improved with a one-story, free-standing, ±1,820 square feet retail building that includes nine surface parking spaces and four drive thru lanes. The Property is strategically positioned on a ±1.41-acre parcel and can be accessed via two points of ingress/egress with frontage along W Galena Avenue and N Park Blvd. Zoned “B-3” Commercial and Wholesale Business District, this zoning offers favorable flexible zoning allowing for a variety of retail uses via adaptive reuse or repositioning.
Freeport is a city located in the northwestern part of Illinois, approximately 25 miles west of Rockford and about 120 miles from Chicago. As the largest city in Stephenson County, Freeport serves as a regional hub for retail, healthcare, and education, with a population of around 24,000 residents. Numerous national retailers are nearby including CVS, Sullivan Foods, Goodwill, T-Mobile, Dollar General, KFC, McDonald’s, Subway, Walgreens, and more. Major employers in the area include FHN Memorial Hospital, Honeywell, and Highland Community College, which contribute to the city's economic stability. Freeport's location offers strategic advantages for commercial real estate investors. The city is accessible via U.S. Routes 20 and 26, providing direct connections to Rockford, Dubuque, Iowa, and Madison, Wisconsin. The Property is positioned on a signalized hard corner with frontage on W Galena Avenue (±11,875 VPD) and N Park Blvd (±8,251 VPD) and offers easy access to the greater area and other major markets. The Property is positioned in an area that serves ±28,796 people with an average household income of $62,076 within a 5-mile radius.
Marcus & Millichap is pleased to present a vacant, free-standing, retail building previously occupied by US Bank at 1550 W Galena Avenue in Freeport, 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 1985, the Property is improved with a one-story, free-standing, ±1,820 square feet retail building that includes nine surface parking spaces and four drive thru lanes. The Property is strategically positioned on a ±1.41-acre parcel and can be accessed via two points of ingress/egress with frontage along W Galena Avenue and N Park Blvd. Zoned “B-3” Commercial and Wholesale Business District, this zoning offers favorable flexible zoning allowing for a variety of retail uses via adaptive reuse or repositioning.
Freeport is a city located in the northwestern part of Illinois, approximately 25 miles west of Rockford and about 120 miles from Chicago. As the largest city in Stephenson County, Freeport serves as a regional hub for retail, healthcare, and education, with a population of around 24,000 residents. Numerous national retailers are nearby including CVS, Sullivan Foods, Goodwill, T-Mobile, Dollar General, KFC, McDonald’s, Subway, Walgreens, and more. Major employers in the area include FHN Memorial Hospital, Honeywell, and Highland Community College, which contribute to the city's economic stability. Freeport's location offers strategic advantages for commercial real estate investors. The city is accessible via U.S. Routes 20 and 26, providing direct connections to Rockford, Dubuque, Iowa, and Madison, Wisconsin. The Property is positioned on a signalized hard corner with frontage on W Galena Avenue (±11,875 VPD) and N Park Blvd (±8,251 VPD) and offers easy access to the greater area and other major markets. The Property is positioned in an area that serves ±28,796 people with an average household income of $62,076 within a 5-mile radius.
Property Details
- Year Built
- 1985
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 61,420 SF
Highlights
- ABSOLUTE $1 AUCTION | Signalized Hard Corner | 20K VPD Traffic Count | AUCTION OCTOBER 14-16, 2024
- ±1,820 SF Former US Bank With 4-Lane Drive Thru in Freeport, IL
- Signalized Hard Corner Location with ±150’ of Frontage and Combined Traffic Counts of ±20K VPD
- Flexible B-3, Commercial Business Zoning District Ideal for Retail, Restaurant, Bank, Office, Drug Store, Etc.
- Attractive Demographics with ±28,796 People and Annual Household Income of ±$62,076 within a 5-Mile Radius
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].