Mixed-Use Buildings with
For Sale
$799,000
310 /312 Liberty St, Morris, IL 60450
Two recently rehabilitated buildings offer retail, food-service, kitchen, rental, and party-room spaces.
Property Size8,700 SF
Price / SF$91.84
Days on Market10
Property Features for 310 /312 Liberty St
General Information
Standard status
Active
Size
8,700 SF
Amenities
elevator access between floors
stone fireplace
brick walls
corrugated steel and chain link fencing design
walk-in coolers, freezers and dry storage
Building Details
Year Built
1915
Buildings
2
Tenancy
Multi
Listing Agency:
Advantage Realty, Inc.
(815) 671-6701
Listed By:
Stephen Barr · License #475098445
Source:
Realtopiare
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 7:53AM
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 Advantage Realty, Inc.
Investment Insights
Based on property information with market context.
This mixed-use property comprises two recently rehabilitated downtown buildings totaling 8,700 square feet. Constructed in 1915, the buildings include retail frontage, multiple rental areas, food-service spaces, and kitchens with equipment included. The 310 building offers main-floor retail, a rear kitchen rental, and two second-floor rental spaces, including one with separate exterior access. The 312 building contains bar and dining areas on both floors, restrooms on each level, a second-floor party room, and a separate first-floor kitchen rental. A finished basement provides walk-in coolers, freezers, dry storage, and additional preparation space.
Distinctive interior details include a stone fireplace, exposed brick, corrugated steel, and chain-link design elements. Elevator service connects the floors, and both buildings have exterior-access points. The property is located on Liberty Street in downtown Morris and is currently held under one PIN, with potential separation after purchase. The operating business is excluded from the sale.
Distinctive interior details include a stone fireplace, exposed brick, corrugated steel, and chain-link design elements. Elevator service connects the floors, and both buildings have exterior-access points. The property is located on Liberty Street in downtown Morris and is currently held under one PIN, with potential separation after purchase. The operating business is excluded from the sale.
Key Highlights
- Two‑building mixed‑use property totaling 8,700 SF
- Recently rehabilitated buildings constructed in 1915
- Elevator access between building floors
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
$37,451
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
4.69%
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%
$749,020
$749.0K
Cap Rate 7%
$535,014
$535.0K
Cap Rate 9%
$416,122
$416.1K
Market Conditions
NOI Build-Up for 8,700 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
$56.4K $6.48/SF
− Vacancy
−$2.9K −$0.33/SF
EGI
$53.5K $6.15/SF
− OpEx
−$16.1K −$1.84/SF
NOI
$37.5K $4.30/SF
Area
Grundy County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$749,020
Cap Rate 7%
$535,014
Cap Rate 9%
$416,122
Alternative Uses
Best Use
Mixed Use
$2.10M
$1.84M – $2.45M
NOI $146,813 @ 7.0% cap · market cap 18.37%
Second Best
Specialty Retail
$2.08M
$1.82M – $2.43M
NOI $145,638 @ 7.0% cap · market cap 18.23%
Theoretical Best
Office A
$3.00M
$2.63M – $3.50M
NOI $210,260 @ 7.0% cap · market cap 26.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
Old National Bank
Shops & Services
2,675 visits/mo
0.1 miles
Aurelio's Pizza
Dining
1,450 visits/mo
0.3 miles
Napa Auto Parts
Shops & Services
352 visits/mo
0.1 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two recently rehabilitated buildings offer retail, food-service, kitchen, rental, and party-room spaces.
Where is this mixed-use property located?
The property is located at 310 /312 Liberty St Morris, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two‑building mixed‑use property totaling 8,700 SF; Recently rehabilitated buildings constructed in 1915; Elevator access between building floors
