All-Brick Two-Unit Ranch
For Sale
$445,000
Pending
301-303 Carriage Drive, Morris, IL 60450
Two separate two-bedroom units each include 1.5 baths, in-unit laundry, and attached garages.
Property Size2,560 SF
Days on Market75
Property Features for 301-303 Carriage Drive
General Information
Standard status
Pending
Size
2,560 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / 2 Flat
Taxes and HOA fees
Annual Taxes
$8,414
Building Details
Year Built
1990
Listing Agency:
RE/MAX Top Properties
Listed By:
Philip Howell · License #475119140
(815) 228-4883
Source:
Compass
Added: Jun 23
Changed: Aug 8
Last Checked: Jul 24 at 12:15PM
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
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,218
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$664,360
$664.4K
Cap Rate 7%
$474,543
$474.5K
Cap Rate 9%
$369,089
$369.1K
Market Conditions
NOI Build-Up for 2,560 SF
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.
Gross rent
$51.3K $20.04/SF
− Vacancy
−$3.8K −$1.50/SF
EGI
$47.5K $18.54/SF
− OpEx
−$14.2K −$5.56/SF
NOI
$33.2K $12.98/SF
Area
Grundy County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$664,360
Cap Rate 7%
$474,543
Cap Rate 9%
$369,089
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 authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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
