Fully Leased Warehouse with Overhead
For Sale
Contact for pricing
555 Michael Drive, Morris, IL 60450
Fully leased warehouse building with multiple overhead door bays and separate unit entrances for practical, tenant-ready operations.
Property Size5,250 SF
Price / SF$94.29
Days on Market58
Property Features for 555 Michael Drive
General Information
Standard status
Active
Size
5,250 SF
Property subtype
Multifamily, Mixed Use
Zoning
WRHSE
Occupancy
100%
Additional Details
Business Included
Yes
Road Access
Yes
Building Details
Year Built
2001
Units
3
Listing Agency:
Advantage Realty Inc
(815) 370-0733
Listed By:
Anitra Brase · License #471022182
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 11 at 6:00AM
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 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.
Key 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
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
$27,442
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
5.54%
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%
$548,840
$548.8K
Cap Rate 7%
$392,029
$392.0K
Cap Rate 9%
$304,911
$304.9K
Market Conditions
NOI Build-Up for 5,250 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
$34.0K $6.48/SF
− Vacancy
−$1.7K −$0.33/SF
EGI
$32.3K $6.15/SF
− OpEx
−$4.8K −$0.92/SF
NOI
$27.4K $5.23/SF
Area
Grundy County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$548,840
Cap Rate 7%
$392,029
Cap Rate 9%
$304,911
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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- FS GRAIN — 104 E Waverly St, Morris, IL 60450
- WT Moving & Storage — 900 Wauponsee St, Morris, IL 60450
Frequently Asked Questions
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
