Morton Grove Commercial Flex
For Sale
Contact for pricing
Pending
8430 Waukegan Rd, Morton Grove, IL 60053
6,959 SF commercial property in Morton Grove for sale.
Property Size6,959 SF
Lot Size0.27 Acres
Days on Market168
Property Features for 8430 Waukegan Rd
General Information
Standard status
Pending
Size
6,959 SF
Lot size
0.27 Acres
Property subtype
Office, Retail
Zoning
C2
Building Details
Stories
1
Units
1
Listing Agency:
Strauss Realty
(847) 334-2587
Listed By:
MJ Weinberger · License #IL 475183341
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Jul 25 at 1:21PM
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 Strauss Realty
Investment Insights
Based on property information with market context.
This single-story commercial property in Morton Grove offers 6,959 square feet of flex space, suitable for warehouse, office, or retail use. The building includes one drive-in door and is situated on an 11,859 square foot lot. Located directly across from a senior living facility, the property is also conveniently close to Dempster Street. Nearby retailers and restaurants include Raising Cane's, Cooper's Hawk Winery & Restaurant, Kohl's, and LA Fitness, among other national tenants. An additional parcel of land is included for parking. The surrounding area has a population of 431,588 within a 5-mile radius and an average household income of $119,000.
Key Highlights
- High population density (431,588 within 5 miles) and affluent demographics (average household income of $119K).
- Versatile 6,959 SF single‑story building suitable for commercial, warehouse, office, or flex space.
- Includes an extra parcel of land for parking.
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
$36,375
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
5.60%
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%
$727,500
$727.5K
Cap Rate 7%
$519,643
$519.6K
Cap Rate 9%
$404,167
$404.2K
Market Conditions
NOI Build-Up for 6,959 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
$45.1K $6.48/SF
− Vacancy
−$2.3K −$0.33/SF
EGI
$42.8K $6.15/SF
− OpEx
−$6.4K −$0.92/SF
NOI
$36.4K $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%
$727,500
Cap Rate 7%
$519,643
Cap Rate 9%
$404,167
Alternative Uses
Best Use
Flex RnD
$1.05M
$916.0K – $1.22M
NOI $73,278 @ 7.0% cap · market cap 11.29%
Second Best
Warehouse
$519.6K
$454.7K – $606.3K
NOI $36,375 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,184 @ 7.0% cap · market cap 25.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Under-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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Similar Off Market Nearby
- HalalCravings — 9036 Harlem Ave, Morton Grove, IL 60053
- Farah Catering — 7112 Dempster St, Morton Grove, IL 60053
Frequently Asked Questions
What type of property is this?
Flex space - 6,959 SF commercial property in Morton Grove for sale.
Where is this flex space located?
The property is located at 8430 Waukegan Rd Morton Grove, IL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: High population density (431,588 within 5 miles) and affluent demographics (average household income of $119K).; Versatile 6,959 SF single‑story building suitable for commercial, warehouse, office, or flex space.; Includes an extra parcel of land for parking.
