Building Details

Year Built 1915

Buildings 2

Tenancy Multi

Listing Agency: Advantage Realty, Inc.

Listed By: Stephen Barr · License #475098445 Show Phone

Source: Realtopiare

Added: Aug 20 Changed: Oct 12 Last Checked: Oct 7 at 2:42PM

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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.

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 / 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 (±1% cap)

NOI $146,813 @ 7.0% cap · market cap 18.37%

Second Best

Specialty Retail

$2.08M

$1.82M – $2.43M (±1% cap)

NOI $145,638 @ 7.0% cap · market cap 18.23%

Theoretical Best

Office A

$3.00M

$2.63M – $3.50M (±1% cap)

NOI $210,260 @ 7.0% cap · market cap 26.32%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

The Bramble Rose Boutique Clothing Store

Suggested Use

Top Pick Real Estate Agency Dental Office Kitchen & Bath Showroom Auto Parts Store Plumbing Service Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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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