$1 Auction - REIT Sale | Former Pizza Hut 1600 38th St 1,544 SF Retail Building Rock Island, IL 61201 $241,174 CAD ($156.20 CAD/SF)

Marcus & Millichap is pleased to present the opportunity to acquire the fee simple interest in a vacant, free-standing retail building located at 1600 38th Street in Rock Island, Illinois 61201 (the “Property”). Formerly occupied by Pizza Hut, the Property is being offered significantly below replacement cost, presenting a compelling opportunity for owner-users or investors to acquire a highly visible, drive-thru-equipped retail asset at an attractive basis. FIRST BID MEETS RESERVE!
Built in 1977, the Property consists of a ±1,544 SF free-standing building situated on a ±0.408-acre (±17,772 SF) parcel, with 10 surface parking spaces, a monument sign, and an existing drive-thru. Positioned at a hard corner along one of Rock Island’s primary north-south commercial corridors, the site benefits from ±155 feet of frontage along 38th Street ((9k+ VPD) as well as ±115 feet of frontage along 16th Avenue, near the intersection with 18th Ave which sees ±15,403 vehicles per day, providing strong visibility, access, and overall site functionality. Previously leased to Pizza Hut on a NNN basis, the Property offers a compelling value-add opportunity to re-lease at market rents, with CoStar-estimated retail rents in the submarket ranging from $15 to $18/SF NNN. The former Pizza Hut was configured without a dining room and primarily supported food preparation, delivery, takeout, and drive-thru operations. Existing restaurant infrastructure, drive-thru functionality, and flexible B1, Neighborhood Business District zoning make the Property well-suited for restaurant reuse, retail repositioning, or future redevelopment.
Positioned within Rock Island County, Illinois, the Property benefits from a strategic location within the Quad Cities, a bi-state metropolitan region with a population approaching 400,000 across Rock Island, Moline, East Moline, Davenport, and Bettendorf. The regional economy is anchored by major employers including Deere & Company, Rock Island Arsenal, UnityPoint Health, Genesis Health System, Arconic, Hy-Vee, Walmart, HNI Corporation, and Tyson Fresh Meats, creating a broad employment base that supports long-term consumer demand. The site is positioned less than ±1-Mi from Augustana College, which serves 2,500+ students, within ±2-Mi of Downtown Rock Island, and near national retailers and restaurants including Taco Bell, Advance Auto Parts, Wendy’s, Hardee’s, ALDI, Family Dollar, and Verizon. The Property is located ±3-Mi from I-74, which sees ±44,856 VPD, with additional regional access supported by nearby connections to IL-92, U.S. Route 67, I-280, I-80, and I-88, providing connectivity throughout the Illinois and Iowa sides of the Quad Cities. The Property is also positioned within ±10-minutes of Quad Cities International Airport, which serves more than 500,000 passengers annually and has demonstrated strong post-pandemic recovery and year-over-year passenger growth. Additional nearby demand drivers include Bally’s Quad Cities Casino & Hotel, the Mississippi Riverfront, Downtown Rock Island, and Downtown Moline, further enhancing the Property’s appeal for restaurant, retail, service, or redevelopment uses. The Property is located within a stable trade area of over 70,000 residents within ±3-Mi and nearly 160,000 people within ±5-Mi, with an average household income of ±$82,859, providing a solid consumer base to support retail, service, and commercial uses.