Fully Leased Warehouse with Overhead
555 Michael Drive, Morris, IL 60450
Fully leased warehouse building with multiple overhead door bays and separate unit entrances for practical, tenant-ready operations.
Type:Multifamily, Mixed Use
Property size:
5,250 SFPrice / SF:
$94/SF- Added:
- Jun 15, 2026
- Days on Market:
- 13
- Last Refresh:
- Jun 24 at 2:58 am
Property Features for 555 Michael Drive
General Information
- Standard status
- Active
- Size
- 5,250 SF
- Property subtype
- Multifamily, Mixed Use
Building Details
- Year Built
- 2001
Listing office Advantage Realty Inc
Listing date Jun 15, 2026
Source Crexi
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
HighLights
- Fully leased 5,250 SF warehouse building built in 2001, currently occupied by a CrossFit facility
- Multiple overhead door bays: (3) 12' x 12' and (2) 16' x 14' overhead doors with automatic openers
- Three warehouse units with separate access: each includes a separate steel service entrance door
- Unit layout includes mezzanines in the North (12' x 17') and Interior units, plus a half bath and water heater in the Interior unit
- Tenant utilities and expenses include Real Property Taxes, Repairs & Maintenance, Water/Sewer, all utilities, exterior maintenance, and trash collection; seller pays insurance
- Includes two small detached storage units on month‑to‑month leases
Overview
This fully leased warehouse property includes three defined units with separate steel service entrance doors for convenient tenant access. The building is supported by overhead door functionality, featuring (3) 12' x 12' overhead doors and (2) 16' x 14' overhead doors, each with automatic openers. The North Unit includes approximately a 12' x 17' mezzanine. The Interior Unit includes approximately a mezzanine along the rear wall, a half bath, and a water heater. The South Unit includes approximately the same 23' x 50' footprint configuration as the North Unit but has no mezzanine.
The property is accessed from Michael Drive behind We Care at 555 Michael Drive in Morris, IL. In addition, the offering includes two small detached storage units on a month-to-month lease basis, with their income reflected in the provided rent details.
For buyers seeking a turnkey, income-producing warehouse asset, the property’s fully leased status and dedicated unit access support straightforward tenant operations. The tenant payment responsibilities are specified to include real property taxes, repairs and maintenance, water/sewer, all utilities, exterior maintenance, and trash collection, while the seller pays insurance. Please note that advance scheduling is required and the existing tenants should not be approached without an appointment.
The property is accessed from Michael Drive behind We Care at 555 Michael Drive in Morris, IL. In addition, the offering includes two small detached storage units on a month-to-month lease basis, with their income reflected in the provided rent details.
For buyers seeking a turnkey, income-producing warehouse asset, the property’s fully leased status and dedicated unit access support straightforward tenant operations. The tenant payment responsibilities are specified to include real property taxes, repairs and maintenance, water/sewer, all utilities, exterior maintenance, and trash collection, while the seller pays insurance. Please note that advance scheduling is required and the existing tenants should not be approached without an appointment.
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.0k | $6.48 |
| − Vacancy | −$1.7k | −$0.33 |
| EGI | $32.3k | $6.15 |
| − OpEx | −$4.8k | −$0.92 |
| NOI | $27.4k | $5.23 |
5,250 SF · lease $6.48/SF/yr · vacancy 5.10% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$392.0K
$343.0K – $457.4K
NOI $27,442 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.81M
$1.59M – $2.11M
NOI $126,881 @ 7.0% cap · market cap 25.63%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Crossfit Exemplify - Morris
Gym & Fitness Center
Jessica Brelje
Physician
Similar Places Nearby
- Autumn Grain Services — 717 N Division St # 2, Morris, IL 60450
- Morris Downtown Storage — 888 Wauponsee St, Morris, IL 60450
- FS GRAIN — 104 E Waverly St, Morris, IL 60450
- WT Moving & Storage — 900 Wauponsee St, Morris, IL 60450
Location Insight
- Map
- Local Demand
- City
- Morris
- County
- Grundy
- State
- Illinois
- Longitude
- -88.432813
- Latitude
- 41.373383
Nearby Similar for Sale
FAQs
What type of property is this?
Warehouse - Fully leased warehouse building with multiple overhead door bays and separate unit entrances for practical, tenant-ready operations.
Where is this warehouse located?
The property is located at 555 Michael Drive Morris, IL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Fully leased 5,250 SF warehouse building built in 2001, currently occupied by a CrossFit facility; Multiple overhead door bays: (3) 12' x 12' and (2) 16' x 14' overhead doors with automatic openers; Three warehouse units with separate access: each includes a separate steel service entrance door
