Just Listed | Dark GoodYear Retail / Industrial Flex
Harrisburg, IL High-Quality Industrial Facility at Well Below Replacement Cost
Marketing description
Offered at just $93 per square foot, 709 S. Commercial Street presents a rare chance to acquire a high-quality industrial facility at well below replacement cost. The ±34,621 SF former Goodyear / Raben Tire site sits on 2.78 acres with strong frontage along Illinois Route 45 Business, providing direct connectivity to Interstates 24, 57, and 64 and placing it within a day’s drive of St. Louis, Louisville, Nashville, and Evansville. With steady regional absorption, limited new supply, and low operating costs, Harrisburg offers the fundamentals investors and owner-users seek: functionality, affordability, and room for growth. Whether re-tenanted, repositioned, or occupied directly, this asset delivers a strategic foothold in a high-demand industrial corridor with immediate value and long-term 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
Investment 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
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