$1 Auction-REIT Sale | Former KFC Restaurant 1160 N State St 3,111 SF Retail Building Belvidere, IL 61008 $50,000 ($16.07/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing, restaurant/retail building located at 1150 N State Street in Belvidere, Boone County, IL 61008 (the “Property”). Formerly occupied by KFC Restaurant, the Property is offered significantly below replacement cost, creating an exceptional opportunity for owner-users or investors to secure a highly visible, strategically located asset at a substantial discount. FIRST BID MEETS RESERVE!
Built in 2001, the Property consists of a ±3,111-square-foot, single-story free-standing retail building situated on ±35,346 square feet (±0.81-acres) with a surface parking lot with 31 spaces. The site is strategically positioned with ±282 feet of frontage along N State Street which sees approximately ±16,155 vehicles per day (VPD), ensuring visibility and accessibility. Existing restaurant infrastructure supports immediate reuse, while zoning and visibility make it equally suited for retail repositioning or full redevelopment. Previously leased on a triple net (NNN) basis, the Property offers a strong value-add opportunity to re-lease at market rents (CoStar estimated retail rents: $9-$12/SF Retail). Zoned GB (General Business District), the site accommodates a wide range of retail, service, and commercial uses, providing significant operational flexibility for future tenants or an owner-user.
Belvidere, Illinois is a growing commercial and manufacturing hub in Boone County, located along Interstate?90 roughly 75 miles northwest of Chicago and near the Wisconsin state line, offering strong regional access for logistics and trade. The local economy is anchored by advanced manufacturing, notably the Stellantis (formerly Chrysler) assembly plant, along with healthcare, education, and retail sectors that support a stable employment base. Major transportation infrastructure—including I-90, U.S. Routes?20 and?51, and nearby rail service—enhances the city’s appeal for industrial, warehouse, and distribution development. Situated in a dense retail corridor’s, the Property is surrounded by a variety of QSRs including McDonald’s, Culver’s, Dairy Queen, Subway, Jimmy John’s, Arby’s, and complemented by national retailers such as Aldi, Family Dollar, and more. This concentration of tenants drives consistent consumer traffic. Additional demand drivers include Belvidere High School, Boone County Fair, Rock Valley College, and more. The surrounding 5-mile trade area is home to ±35,340 residents with an average household income (AHHI) of ±$87,020, while the 10-mile trade area expands to ±133,543 residents with an AHHI of ±$87,127 - providing a robust consumer base to support retail, restaurant, and service-oriented operations.