Versatile Building on Large Lot

1561 N Division Street, Morris, IL 60450

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For Sale

$550,000

4,600 SF building on 8.43 acres, formerly medical office.

Type:Commercial/Industrial

Property size:

2,484 SF

Lot size:

8.34 Acres

Price / SF:

$221/SF

HighLights

Large 8.43‑acre lot with adjacent vacant land included.
Versatile 4,600 sq. ft. building with 2,300 sq. ft. on the main level and a 2,300 sq. ft. basement.
Ten exam rooms, including eight with plumbing, three bathrooms, reception area, and two private offices.
Full basement that was once finished and could be restored.
Ample parking and excellent visibility.
Formerly a medical office, suitable for similar or other businesses.

We can help!

Contact an agent

David Welter

For Sale

$550,000

4,600 SF building on 8.43 acres, formerly medical office.

Type:Commercial/Industrial

Property size:

2,484 SF

Lot size:

8.34 Acres

Price / SF:

$221/SF

Added:: Oct 23, 2024
Days on Market:: 622
Last Refresh:: May 20 at 12:03 am

Property Features for 1561 N Division Street

General Information

Standard status: Active
Size: 2,484 SF
Lot size: 8.34 Acres
Property subtype: Commercial/Industrial

Building Details

Year Built: 1983

We can help!

Contact an agent

David Welter

Listing office RE/MAX Top Properties

Listing date Oct 23, 2024

Source Exitrealty

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Top Properties

HighLights

Large 8.43‑acre lot with adjacent vacant land included.
Versatile 4,600 sq. ft. building with 2,300 sq. ft. on the main level and a 2,300 sq. ft. basement.
Ten exam rooms, including eight with plumbing, three bathrooms, reception area, and two private offices.
Full basement that was once finished and could be restored.
Ample parking and excellent visibility.
Formerly a medical office, suitable for similar or other businesses.

Overview

This versatile building offers 4,600 sq. ft. of space, with 2,300 sq. ft. on the main level and an additional 2,300 sq. ft. in the basement. Formerly a medical office, the property includes 10 exam rooms, with 8 equipped with plumbing, 3 bathrooms, a spacious reception area, and 2 private offices. The building is situated on a generous 8.43-acre lot, which includes adjacent vacant land. The full basement was previously finished and could be restored to provide even more usable space. The property benefits from ample parking and excellent visibility, making it suitable for businesses seeking prime exposure. It is being sold "as-is".

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$60.8k	$24.48
− Vacancy	−$15.1k	−$6.10
EGI	$45.7k	$18.38
− OpEx	−$11.4k	−$4.60
NOI	$34.3k	$13.79

2,484 SF · lease $24.48/SF/yr · vacancy 24.90% · expense 25.00%

Alternative Uses

Best Use

Office B

$489.3K

$428.1K – $570.8K (±1% cap)

NOI $34,250 @ 7.0% cap · market cap 6.23%

Second Best

Healthcare Medical

$470.1K

$411.4K – $548.5K (±1% cap)

NOI $32,908 @ 7.0% cap · market cap 5.98%

Theoretical Best

Office A

$857.6K

$750.4K – $1.00M (±1% cap)

NOI $60,033 @ 7.0% cap · market cap 10.92%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Ultimate Rides Car Dealership

Suggested Use

Similar Places Nearby

Bainbridge David W DVM — 608 Bedford Rd, Morris, IL 60450
Morris Veterinary Hospital, PC — 608 Bedford Rd, Morris, IL 60450
Animal Care Hospital of Morris Inc — 1410 Liberty St, Morris, IL 60450

Location Insight

Map
Local Demand

City: Morris
County: Grundy
State: Illinois
Longitude: -88.4216
Latitude: 41.3758

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For sale
Medical Office Space
IL
Morris
60450
1561 N Division Street

What type of property is this?

Medical Office Space - 4,600 SF building on 8.43 acres, formerly medical office.

Where is this medical office space located?

The property is located at 1561 N Division Street Morris, IL.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: Large 8.43‑acre lot with adjacent vacant land included.; Versatile 4,600 sq. ft. building with 2,300 sq. ft. on the main level and a 2,300 sq. ft. basement.; Ten exam rooms, including eight with plumbing, three bathrooms, reception area, and two private offices.