40-Room Super 8
For Sale
$3,779,000
9110 Waukegan Rd, Morton Grove, IL 60053
Two-level lodging property with on-site parking and access to major roads and interstates.
Property Size19,562 SF
Price / SF$193.18
Days on Market51
Property Features for 9110 Waukegan Rd
General Information
Standard status
Active
Size
19,562 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Stories
2
Listing Agency:
Century 21 Circle
(773) 983-1553
Listed By:
Mark Ahmad · License #471007186
Source:
Searchillinoishomesforsale
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 28 at 12:19PM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
The Super 8 by Wyndham hotel at 9110 Waukegan Rd in Morton Grove, Illinois, is a two-level hospitality property with 40 guest rooms and an on-site parking lot. The asset is positioned for lodging operations serving travelers seeking straightforward accommodations and convenient regional access.
Major roads and interstates are nearby, with access extending to O'Hare International Airport and downtown Chicago. The surrounding travel corridor also connects guests with Navy Pier, museums, theaters, Six Flags Great America, Golf Mill shopping center, and nearby communities.
Major roads and interstates are nearby, with access extending to O'Hare International Airport and downtown Chicago. The surrounding travel corridor also connects guests with Navy Pier, museums, theaters, Six Flags Great America, Golf Mill shopping center, and nearby communities.
Key Highlights
- 40‑room hotel arranged across 2 levels
- Super 8 by Wyndham hotel at 9110 Waukegan Rd, Morton Grove, IL 60053
- On‑site parking lot serving the hotel
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
$146,348
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
3.87%
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%
$2,926,960
$2.9M
Cap Rate 7%
$2,090,686
$2.1M
Cap Rate 9%
$1,626,089
$1.6M
Market Conditions
NOI Build-Up for 19,562 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
$352.1K $18.00/SF
− Vacancy
−$44.0K −$2.25/SF
EGI
$308.1K $15.75/SF
− OpEx
−$161.8K −$8.27/SF
NOI
$146.3K $7.48/SF
Area
Cook County, IL
Vacancy
12.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$2,926,960
Cap Rate 7%
$2,090,686
Cap Rate 9%
$1,626,089
Alternative Uses
Best Use
Hotel Hospitality
$2.09M
$1.83M – $2.44M
NOI $146,348 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.75M
$5.91M – $7.88M
NOI $472,771 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
962
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Two-level lodging property with on-site parking and access to major roads and interstates.
Where is this hotel located?
The property is located at 9110 Waukegan Rd Morton Grove, IL.
What is the asking price?
The asking price for this property is $3,779,000.
What are key features of this property?
This property features: 40‑room hotel arranged across 2 levels; Super 8 by Wyndham hotel at 9110 Waukegan Rd, Morton Grove, IL 60053; On‑site parking lot serving the hotel
