Building Details

Year Built 1998

Buildings 1

Stories 1

Tenancy Single

Listing Agency: WEB VIDEO Realty

Listed By: Michael O'Donnell · License #IL 471.009539 Show Phone

Source: Crexi

Added: Oct 29, 2024 Changed: Oct 4 Last Checked: Oct 5 at 6:03PM

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Investment Insights

Based on property information with market context.

Located in the high-demand Morris, IL I-80 submarket, this 127,345 SF industrial facility at 2000 Ashley Road presents a value-add proposition. The property features M-2 Heavy Industrial Zoning across the entire 6-acre site, with an additional 6 acres available. This zoning accommodates intensive uses such as outdoor storage, truck/trailer parking, and heavy manufacturing. The building can potentially be split into up to three individual units, offering investors the ability to execute a multi-tenant lease-up strategy, or an owner-operator the chance to occupy one portion and generate income from the remainder. The facility features a 19-foot clear height, wet sprinklers, nine docks, one drive-in door, and ample power. Located less than 3 miles from Interstate 80 and just 10 miles from the CenterPoint Intermodal Center – Joliet/Elwood, the nation's largest inland port, it offers superior last-mile and regional distribution capabilities. Seller financing is available for qualified buyers with a minimum 20% down payment.

Key Highlights

• Attractive seller financing available with flexible, non‑recourse terms.
• M‑2 Heavy Industrial Zoning allows for intensive uses.
• Strategic location less than 3 miles from Interstate 80.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$665,644

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,312,880 $13.3M

Cap Rate 7%

$9,509,200 $9.5M

Cap Rate 9%

$7,396,044 $7.4M

Market Conditions

NOI Build-Up for 127,345 SF

Gross rent

$825.2K $6.48/SF

− Vacancy

−$42.1K −$0.33/SF

EGI

$783.1K $6.15/SF

− OpEx

−$117.5K −$0.92/SF

NOI

$665.6K $5.23/SF

Area

Grundy County, IL

Vacancy

5.10%

Lease Rate

$6.48 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,312,880

Cap Rate 7%

$9,509,200

Cap Rate 9%

$7,396,044

Alternative Uses

Best Use

Warehouse

$9.51M

$8.32M – $11.09M (±1% cap)

NOI $665,644 @ 7.0% cap · market cap 7.61%

Second Best

Industrial

$7.83M

$6.85M – $9.14M (±1% cap)

NOI $548,177 @ 7.0% cap · market cap 6.26%

Theoretical Best

Office A

$43.97M

$38.47M – $51.29M (±1% cap)

NOI $3,077,650 @ 7.0% cap · market cap 35.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Thornton Industries Inc Business Related

Suggested Use

Top Pick Parking Lot & Garage Electrical Service Locksmith Storage Facility Bakery Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

74

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 60450, IL

20,877

Population

9,306

Households

2.2

Avg Household Size

42

Median Age

25%

College-Educated

94%

High-School Grad

157.6 sq mi

ZIP Area

132

Density / Sq Mi

$81,716

Median Household Income

$45,813

Median Earnings

$1,122

Median Rent

$266,600

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - 127,345 SF industrial facility in Morris, IL for sale.

Where is this warehouse located?

The property is located at 2000 Ashley Rd Morris, IL.

What is the asking price?

The asking price for this property is $8,750,000.

What are key features of this property?

This property features: Attractive seller financing available with flexible, non‑recourse terms.; M‑2 Heavy Industrial Zoning allows for intensive uses.; Strategic location less than 3 miles from Interstate 80.