Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    8120-8140 Lehigh Ave Morton Grove, IL 60053

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $14 SF/Yr

    Commercial space for rent in Morton Grove, Illinois.

    Property Features for 8120-8140 Lehigh Ave

    General Information

    Standard status
    Active

    Building Details

    Year built
    1988

    We can help!

    Listing Contact
    Robert Klairmont
    Source: Exitrealty

    Listing Agency: Twins Realty LLC Listing Agent: Robert Klairmont

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

    Learn more

    Overview

    Morton Grove Commercial Space Available

    This commercial property in Morton Grove, Illinois, offers flex space, industrial spaces, office units, office properties, warehouses, and other warehouse options for rent. The location provides convenient access to various amenities, including casual and fine dining establishments, shopping venues, and a selection of fitness clubs such as LA Fitness and Planet Fitness. The property features 24-hour access, an on-site property manager, and storage space.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    Dimensions Kosher Catering

    Location Insight

    • Map
    • Local Demand
    City
    Morton Grove
    County
    Cook
    State
    Illinois
    Longitude
    -87.7830995
    Latitude
    42.029186

    Nearby Similar for Lease

    • Contact for pricing

      Morton Grove Commercial Space Available

      Prime commercial space for lease in a neighborhood plaza.
      9232 Waukegan Rd, Morton Grove, IL 60053
      View Details
    • Contact for pricing

      Retail Space in Morton Grove

      Retail property in Chicago's North Shore, accessible from I-94/I-294.
      7250 Dempster St, Morton Grove, IL 60053
      View Details
    • $13 SF/Yr

      Morton Grove Warehouse Space Available

      7,655 SF warehouse space for sublease in Morton Grove.
      8035 Austin Ave, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      17,211 SF

      Morton Grove Warehouse Space Available

      41,200 SF warehouse space with flexible lease terms.
      8220-8270 N Austin Ave, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      9,443 SF

      Morton Grove Retail Spaces Available

      High-visibility retail spaces, 1,130-4,078 sq ft.
      7172 Dempster St, Morton Grove, IL 60053
      View Details
    • $12 SF/Yr
      72,058 SF

      North Grove Corporate Center

      Morton Grove Office Space Available
      8120 Lehigh Ave, Morton Grove, IL 60053
      View Details
    • $10 SF/Yr
      27,745 SF

      Morton Grove Industrial Facility

      Recently constructed industrial facility with heavy duty features and parking.
      7840-7860 Lehigh Ave, Morton Grove, IL 60053
      View Details
    • $9 SF/Yr
      37,666 SF

      Morton Grove Industrial/Office Space

      Large Executive Office & Warehouse Available
      8150 Lehigh Ave, Morton Grove, IL 60053
      View Details
    • $9 SF/Yr
      4,959 SF

      Morton Grove Flex Space Available

      Flex space available for lease in Morton Grove, Illinois.
      6201-6247 Park Ave, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in Beckwith Center

      Retail space available in a busy, accessible neighborhood center.
      9225 Waukegan Rd, Morton Grove, IL 60053
      View Details

    FAQs

    What type of property is this?
    Flex space - Commercial space for rent in Morton Grove, Illinois.
    Where is this flex space located?
    The property is located at 8120-8140 Lehigh Ave Morton Grove, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: - On-site property manager available 24 hours; - Storage space included; - Convenient access to casual and fine dining options
    (773) 736-6461
    Request Owner's contact information
    8120-8140 Lehigh Ave Morton Grove, IL 60053
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    8120-8140 Lehigh Ave
    Morton Grove, IL 60053
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    8120-8140 Lehigh Ave Morton Grove, IL 60053
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Robert Klairmont
    Real Estate License ID: 471008692
    (773) 736-6461
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!