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Central IL 1.15 Acre Outparcel

Lincoln, IL 62656

Logan County, Illinois

1.15 Acres
Land Auction
April 10, 2024 12:00 PM
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Land Description

RI Marketplace Online Auction April 8-10, 2024.

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Marcus & Millichap is pleased to present a 1.15-Acre outparcel to Heritage Plaza Shopping Center (the “Property”), located adjacent to 1121 Hickox Drive in Lincoln, Illinois. This Property offers an exceptional investment opportunity to develop a parcel within a dense retail corridor and first bid meets reserve.

The Property consists of a 1.15-Acre vacant parcel of land partially improved with a parking pad. The Property is an outparcel to the Heritage Plaza shopping center which includes national tenants like Dollar General, Storage Express, Goodwill, and McDonalds. The Property is in a robust trade area near a mix of residential and retail demand generators. Nearby retailers include Walmart, Aldi, Dollar Tree, Dollar General, Farm & House Supply, Goodwill, Walgreens, Cvs, Starbucks, and more. The Property benefits from highly favorable C-2, service retail zoning commercial zoning that allows for a wide variety of uses including banks, residential, professional office, retail, restaurant, cannabis dispensing organization, and others. The Property is poised to benefit from its location in a high traffic area with ±6,200 vehicles per day on Lincoln Parkway and an additional ±8,100 vehicles per day on Woodlawn Road, just south of the Property. The Property is positioned within a federal opportunity zone with significant potential tax savings; by investing realized capital gains in a qualified opportunity zone, real estate investors can reduce their existing capital gains tax liability.

Lincoln, Illinois, nestled in Logan County, stands as an attractive proposition for land developers looking to harness opportunities in the Midwest. The city, distinguished as the only one named for Abraham Lincoln before his presidency, is strategically located between major urban centers like Chicago ), St. Louis ), and Springfield (33-Miles), thanks to its access to Interstate 55 and historic Route 66. The Property's location offers excellent real estate fundamentals within a robust trade area and compelling demographics with a 2023 population of ±16,113 people and average annual household income of ±$74,187 within a 5-mile radius.

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