Rehabilitated Downtown Coffee Shop
For Sale
$799,000
310/312 Liberty Street, Morris, IL 60450
Food-and-beverage facilities include multiple kitchens, rental spaces, and elevator access.
Property Size8,700 SF
Days on Market34
Property Features for 310/312 Liberty Street
General Information
Standard status
Active
Size
8,700 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$11,839
Amenities
stone fireplace
brick walls
corrugated steel
chain link fencing
elevator access between floors
Building Details
Building Size
8,700 SF
Year Built
1915
Buildings
2
Stories
2
Units
1
Tenancy
Multi
Listing Agency:
Advantage Realty, Inc.
(815) 671-6701
Listed By:
Stephen Barr · License #475098445
Source:
Jjillrealtygroup
Added: Jul 29
Changed: Aug 31
Last Checked: Aug 31 at 5:05AM
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 two-building downtown property at 310/312 Liberty Street combines coffee shop, bar, dining, retail, kitchen, and rental-space improvements. Both buildings have undergone a recent rehabilitation, with kitchen facilities and equipment remaining in place. The 310 building offers main-floor retail space, a rear kitchen, and two second-floor rental spaces, including one with separate ground-floor exterior access.
The 312 building includes bar and dining areas on both levels, bathrooms on each floor, a second-floor party room, and a full kitchen configured as a separate rental space. Its finished basement provides walk-in coolers, freezers, dry storage, and additional food-preparation space. Elevator service connects the floors, while stone, brick, corrugated steel, and chain-link design elements contribute to the interior character. The business is not included in the sale, and the current tenant would like to remain if possible.
The 312 building includes bar and dining areas on both levels, bathrooms on each floor, a second-floor party room, and a full kitchen configured as a separate rental space. Its finished basement provides walk-in coolers, freezers, dry storage, and additional food-preparation space. Elevator service connects the floors, while stone, brick, corrugated steel, and chain-link design elements contribute to the interior character. The business is not included in the sale, and the current tenant would like to remain if possible.
Key Highlights
- Two downtown buildings at 310/312 Liberty Street in Morris, IL
- Recent rehabilitation of both buildings
- Multiple kitchens with equipment remaining in place
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
Specialty Retail
$2.08M
$1.82M – $2.43M
NOI $145,638 @ 7.0% cap · market cap 18.23%
Second Best
Retail
$1.73M
$1.51M – $2.01M
NOI $120,757 @ 7.0% cap · market cap 15.11%
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
Under-served
Demand for This Use
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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Similar Off Market Nearby
- Alpine Coffee Bar — 312 Liberty St, Morris, IL 60450
- AppleJax Creations — 412 Liberty St, Morris, IL 60450
Frequently Asked Questions
What type of property is this?
Coffee shop - Food-and-beverage facilities include multiple kitchens, rental spaces, and elevator access.
Where is this coffee shop located?
The property is located at 310/312 Liberty Street 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 downtown buildings at 310/312 Liberty Street in Morris, IL; Recent rehabilitation of both buildings; Multiple kitchens with equipment remaining in place
