I-80 Corridor Industrial
For Sale
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2000 Ashley Rd, Morris, IL 60450
127,345 SF industrial facility in Morris, IL for sale.
Property Size127,345 SF
Lot Size6.00 Acres
Price / SF$68.71
Days on Market663
Property Features for 2000 Ashley Rd
General Information
Standard status
Active
Size
127,345 SF
Lot size
6.00 Acres
Property subtype
Industrial
Zoning
M-2 Heavy Industrial
Investment Type
Value Add
Building Details
Year Built
1998
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
WEB VIDEO Realty
(815) 955-9489
Listed By:
Michael O'Donnell · License #IL 471.009539
Source:
Crexi
Added: Oct 29, 2024
Changed: Aug 9
Last Checked: Aug 21 at 11:29AM
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 WEB VIDEO Realty
Investment Insights
Based on property information with market context.
Located in the high-demand Morris, IL I-80 submarket, this 127,345 SF industrial facility at 2000 Ashley Road presents a value-add proposition. The property features M-2 Heavy Industrial Zoning across the entire 6-acre site, with an additional 6 acres available. This zoning accommodates intensive uses such as outdoor storage, truck/trailer parking, and heavy manufacturing. The building can potentially be split into up to three individual units, offering investors the ability to execute a multi-tenant lease-up strategy, or an owner-operator the chance to occupy one portion and generate income from the remainder. The facility features a 19-foot clear height, wet sprinklers, nine docks, one drive-in door, and ample power. Located less than 3 miles from Interstate 80 and just 10 miles from the CenterPoint Intermodal Center – Joliet/Elwood, the nation's largest inland port, it offers superior last-mile and regional distribution capabilities. Seller financing is available for qualified buyers with a minimum 20% down payment.
Key Highlights
- Attractive seller financing available with flexible, non‑recourse terms.
- M‑2 Heavy Industrial Zoning allows for intensive uses.
- Strategic location less than 3 miles from Interstate 80.
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
$665,644
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
7.61%
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%
$13,312,880
$13.3M
Cap Rate 7%
$9,509,200
$9.5M
Cap Rate 9%
$7,396,044
$7.4M
Market Conditions
NOI Build-Up for 127,345 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
$825.2K $6.48/SF
− Vacancy
−$42.1K −$0.33/SF
EGI
$783.1K $6.15/SF
− OpEx
−$117.5K −$0.92/SF
NOI
$665.6K $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%
$13,312,880
Cap Rate 7%
$9,509,200
Cap Rate 9%
$7,396,044
Alternative Uses
Best Use
Warehouse
$9.51M
$8.32M – $11.09M
NOI $665,644 @ 7.0% cap · market cap 7.61%
Second Best
Industrial
$7.83M
$6.85M – $9.14M
NOI $548,177 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$43.97M
$38.47M – $51.29M
NOI $3,077,650 @ 7.0% cap · market cap 35.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Well-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bud's Storage, Inc. — 455 E, 6825, Briscoe Dr, Morris, IL 60450
Frequently Asked Questions
What type of property is this?
Warehouse - 127,345 SF industrial facility in Morris, IL for sale.
Where is this warehouse located?
The property is located at 2000 Ashley Rd Morris, IL.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: Attractive seller financing available with flexible, non‑recourse terms.; M‑2 Heavy Industrial Zoning allows for intensive uses.; Strategic location less than 3 miles from Interstate 80.
