Mixed-Use Buildings with
For Sale
$799,000
310/312 Liberty Street, Morris, IL 60450
Multiple levels accommodate food service, retail, and separately rented spaces in a downtown commercial setting.
Property Size8,700 SF
Price / SF$91.84
Days on Market320
Property Features for 310/312 Liberty Street
General Information
Standard status
Active
Size
8,700 SF
Property subtype
Commercial
Zoning
COMMR
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Additional Details
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$11,839
Amenities
elevator access
Building Details
Building Size
8,700 SF
Year Built
1915
Buildings
2
Stories
2
Units
1
Tenancy
Multi
Listing Agency:
Advantage Realty, Inc.
Listed By:
Stephen Barr · License #475098445
(815) 942-5252
Source:
Fishmangroup
Added: Dec 8, 2025
Changed: Oct 23
Last Checked: Oct 23 at 1:23PM
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.
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Investment Insights
Based on property information with market context.
Two buildings at 310 and 312 Liberty Street offer a mix of food-service, retail, and rental areas. Both have kitchen facilities, and the existing equipment remains. The 310 building has ground-floor retail, a rear kitchen space, and two rental areas upstairs; one upper space also has its own exterior entrance.
At 312, bar and dining areas occupy both floors, alongside restrooms on each level and an upstairs party room. A separate first-floor kitchen space is also configured for rental. The finished basement includes walk-in coolers and freezers, dry storage, and additional food-preparation space. Elevator service reaches the building’s floors.
The two properties are presently held under one PIN, with the possibility of separation after purchase. The business is excluded from the sale, and the current tenant would like to stay if possible. The buildings underwent a recent rehabilitation and are zoned COMMR.
At 312, bar and dining areas occupy both floors, alongside restrooms on each level and an upstairs party room. A separate first-floor kitchen space is also configured for rental. The finished basement includes walk-in coolers and freezers, dry storage, and additional food-preparation space. Elevator service reaches the building’s floors.
The two properties are presently held under one PIN, with the possibility of separation after purchase. The business is excluded from the sale, and the current tenant would like to stay if possible. The buildings underwent a recent rehabilitation and are zoned COMMR.
Key Highlights
- Two downtown Morris buildings at 310 and 312 Liberty Street
- Elevator access between floors
- Food‑service equipment remains; the operating business is not included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,451
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multiple levels accommodate food service, retail, and separately rented spaces in a downtown commercial setting.
Where is this mixed-use property 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 Morris buildings at 310 and 312 Liberty Street; Elevator access between floors; Food‑service equipment remains; the operating business is not included
