Morton Grove Industrial
For Sale
$3,000,000
8130 River Dr, Morton Grove, IL 60053
31,000 SF industrial property in North Grove Corporate Park.
Property Size31,000 SF
Price / SF$96.77
Days on Market258
Property Features for 8130 River Dr
General Information
Standard status
Active
Size
31,000 SF
Total Parking Spaces
44
Property subtype
Industrial
Zoning
M-2
Building Details
Year Built
1995
Stories
2
Units
1
Listing Agency:
Coldwell Banker Commercial
(312) 860-4043
Listed By:
Paul Proano · License #475170890
(312) 860-4043
Source:
Cbcworldwide
Added: Dec 3, 2025
Changed: Aug 8
Last Checked: Apr 5 at 8:20PM
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 Coldwell Banker Commercial
Investment Insights
Based on property information with market context.
Located in the North Grove Corporate Park in Morton Grove, Illinois, the industrial property at 8130 River Drive is available for sale. Constructed in 1995, this single-story, approximately 31,000-square-foot facility is situated on a 1.31-acre parcel and is zoned M2, accommodating various industrial uses. The building's layout includes approximately 5,100 square feet of office space and 25,578 square feet of warehouse area. The office area is fully built-out, featuring 9 private offices, 1 conference room, and an open layout. The warehouse has a 21-foot clear ceiling height, a 35-foot clear span, radiant heated floors, and three 15-ton ceiling-mounted air conditioning units. Loading is facilitated by one interior loading dock and four drive-in doors. The facility is constructed with reinforced concrete and is equipped with a wet sprinkler system. It also features 400A/480V 3-phase power and 44 surface parking spaces. The property is located near I-94, Touhy Avenue, and 0.4 miles from the Morton Grove Metra Station, with O’Hare International Airport 18 minutes away. The property is positioned within a business-centric commercial corridor, providing connectivity to the greater Chicago area. The area is home to manufacturers, warehouses, and trade service businesses. The site also offers access to public transportation, including the nearby Metra Milwaukee District North Line.
Key Highlights
- Excellent Location: Minutes from I‑94, near Touhy Avenue, and close to the Morton Grove Metra Station and O'Hare International Airport.
- Functional Warehouse Space: Features a 21‑foot clear ceiling height, 35‑foot clear span, radiant heated floors, and three 15‑ton ceiling‑mounted air conditioning units.
- Versatile Loading Options: Includes one interior loading dock and four drive‑in doors.
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
$162,040
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
5.40%
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%
$3,240,800
$3.2M
Cap Rate 7%
$2,314,857
$2.3M
Cap Rate 9%
$1,800,444
$1.8M
Market Conditions
NOI Build-Up for 31,000 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
$200.9K $6.48/SF
− Vacancy
−$10.2K −$0.33/SF
EGI
$190.6K $6.15/SF
− OpEx
−$28.6K −$0.92/SF
NOI
$162.0K $5.23/SF
Area
Cook 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%
$3,240,800
Cap Rate 7%
$2,314,857
Cap Rate 9%
$1,800,444
Alternative Uses
Best Use
Flex RnD
$4.66M
$4.08M – $5.44M
NOI $326,430 @ 7.0% cap · market cap 10.88%
Second Best
Warehouse
$2.31M
$2.03M – $2.70M
NOI $162,040 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$10.70M
$9.37M – $12.49M
NOI $749,202 @ 7.0% cap · market cap 24.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60053, IL
25,297
Population
9,546
Households
2.7
Avg Household Size
45
Median Age
52%
College-Educated
90%
High-School Grad
5.1 sq mi
ZIP Area
4,960
Density / Sq Mi
$106,078
Median Household Income
$61,315
Median Earnings
$2,210
Median Rent
$377,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 31,000 SF industrial property in North Grove Corporate Park.
Where is this warehouse located?
The property is located at 8130 River Dr Morton Grove, IL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Excellent Location: Minutes from I‑94, near Touhy Avenue, and close to the Morton Grove Metra Station and O'Hare International Airport.; Functional Warehouse Space: Features a **21‑foot clear ceiling height**, **35‑foot clear span**, radiant heated floors, and three 15‑ton ceiling‑mounted air conditioning units.; Versatile Loading Options: Includes one interior loading dock and four drive‑in doors.
