All-Brick Two-Unit Ranch
301-303 Carriage Drive Morris, IL 60450
301-303 Carriage Drive, Morris, IL, 60450
$445,000
Pending
For Sale
$445,000
Pending
Two separate two-bedroom units each include 1.5 baths, in-unit laundry, and attached garages.
Property Size2,560 SF
Days on Market29
Property Features for 301-303 Carriage Drive
General Information
- Standard status
- Pending
- Size
- 2,560 SF
- Property subtype
- Two to Four Units / 2 Flat
Building Details
- Year Built
- 1990
Listing agency
RE/MAX Top Properties
(815) 228-4883
Listed by
Philip Howell · License #475119140
(815) 228-4883
Source
Compass
Added: Jun 23 Updated: Jul 21 at 6:03AM Checked: Jul 21 at 6:03AM
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
Investment Insights
Based on property information with market context.
All-brick ranch duplex with two units, each featuring two bedrooms and 1.5 bathrooms. Both units have private in-unit main floor laundry, attached one-car garages, and full basements. A concrete patio at the rear overlooks an open field. The property has an updated roof and HVAC system.
Located in the Saratoga School District, the duplex is described as being in a quiet area and just minutes from shopping, restaurants, and a hospital. Easy access to highways and major roads supports convenient commuting.
Utilities are completely separate and paid by the tenants, supporting independent unit operations. The listing is also marketed as a potential 1031 exchange option.
Located in the Saratoga School District, the duplex is described as being in a quiet area and just minutes from shopping, restaurants, and a hospital. Easy access to highways and major roads supports convenient commuting.
Utilities are completely separate and paid by the tenants, supporting independent unit operations. The listing is also marketed as a potential 1031 exchange option.
Key Highlights
- All‑brick ranch built in 1990 offering two separate 2‑bedroom units
- Each unit has 1.5 baths, private in‑unit main floor laundry, and an attached 1‑car garage
- Full basements and concrete patio overlooking an open field
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.3k | $20.04 |
| − Vacancy | −$3.8k | −$1.50 |
| EGI | $47.5k | $18.54 |
| − OpEx | −$14.2k | −$5.56 |
| NOI | $33.2k | $12.98 |
2,560 SF · lease $20.04/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$474.5K
$415.2K – $553.6K
NOI $33,218 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$424.3K
$371.2K – $495.0K
NOI $29,698 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$883.9K
$773.4K – $1.03M
NOI $61,870 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two separate two-bedroom units each include 1.5 baths, in-unit laundry, and attached garages.
Where is this duplex located?
The property is located at 301-303 Carriage Drive Morris, IL.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: All‑brick ranch built in 1990 offering two separate 2‑bedroom units; Each unit has 1.5 baths, private in‑unit main floor laundry, and an attached 1‑car garage; Full basements and concrete patio overlooking an open field
