Former Denny's - Repositioning Opportunity
Retail | 5,800 SqFt
Marketing description
Marcus & Millichap is pleased to present the opportunity to acquire a ±5,800-square-foot freestanding restaurant building on ±1.22 acres at 224 Richmond Avenue East in Mattoon, Illinois. This former Denny’s is positioned for flexible reuse, ideal for a QSR or national restaurant concept, or as a value-add lease-up opportunity. The site underwent a full renovation in 2016, with a parking lot upgrade completed in 2023, and features excellent visibility and access along Richmond Ave.
The property is located directly adjacent to Emerald Acres Sports Connection, a brand-new $100 million indoor/outdoor sports complex projected to draw over 580,000 annual visitors and generate $23.8 million in direct economic impact. The site sits within the primary trade corridor of Mattoon, surrounded by Walmart, Rural King, Dollar General, Marshalls, Jo-Ann Fabrics, Dunham’s Sports, and several new retail and restaurant developments including Chick-fil-A, Chipotle, and Panda Express.
With an asking price of $700,000, this asset offers a rare chance to acquire real estate adjacent to a regionally significant development, backed by strong demographics and long-term demand drivers. Whether repositioned, leased, or owner-occupied, this property presents a compelling opportunity in East Central Illinois’ most dynamic growth corridor.
Investment highlights
• Positioned on a ±1.22-Acre Lot with Direct Frontage Along Richmond Ave E — High Visibility and Easy Access in a Well-Trafficked Corridor
• Below Replacement cost
•±5,800 SF Freestanding Building, Recently Renovated in 2016 with a Parking Lot Upgrade Completed in 2023
• Flexible Use Potential — Ideal for a Restaurant Operator, National QSR Brand, or Alternate Commercial Use
• Opportunity to Operate Existing Denny’s, Rebrand to a New Concept, or Lease Out for Passive Income
• Motivated Seller — Ideal for Owner-Users or Investors Seeking a Value-Add Asset
• Located Adjacent to Emerald Acres Sports Connection — a Newly Developed $100 Million Indoor/Outdoor Sports Complex
• Projected to Attract 580,000 Visitors Annually and Generate $23.8 Million in Direct Spending Per Year
• Expected to Create Demand for Over 59,000 Hotel Room Nights Annually, Fueling Nearby Commercial Activity
• Established Trade Area Drawing from a 30-Mile Radius with Reach into Chicago, Indianapolis, and St. Louis
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