Two-Story Retail Building with Full
For Sale
$990,000
9224 Waukegan Road, Morton Grove, IL 60053
Two-story retail building with a full kitchen and ample parking, positioned for visibility on Waukegan Road.
Property Size4,321 SF
Days on Market291
Property Features for 9224 Waukegan Road
General Information
Standard status
Active
Size
4,321 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$16,048
Building Details
Building Size
4,321 SF
Year Built
1949
Stories
2
Listing Agency:
Partners 4U Realty Inc.
(847) 904-2475
Listed By:
Paul Kim · License #475149169
(847) 904-2475
Source:
Midwestrealestate
Added: Nov 5, 2025
Changed: Aug 23
Last Checked: Aug 23 at 6:03AM
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 Partners 4U Realty Inc.
Investment Insights
Based on property information with market context.
For sale: a two-story retail building with full kitchen in Morton Grove, Illinois. The property is currently described as formerly occupied by a restaurant and includes commercial kitchen functionality. The owner is also marketing the building with a cell-tower lease agreement.
The building offers ample parking and strong exposure off Waukegan Road, with traffic reported at 28,600 vehicles per day. It sits just east of Milwaukee Ave and just west of the I-94 Expressway, surrounded by a mix of residential households and retail tenants.
The building offers ample parking and strong exposure off Waukegan Road, with traffic reported at 28,600 vehicles per day. It sits just east of Milwaukee Ave and just west of the I-94 Expressway, surrounded by a mix of residential households and retail tenants.
Key Highlights
- 4,321 SF two‑story retail building formerly occupied by a restaurant
- Includes full kitchen for food service use
- Ample on‑site 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
$72,334
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
7.31%
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%
$1,446,680
$1.4M
Cap Rate 7%
$1,033,343
$1.0M
Cap Rate 9%
$803,711
$803.7K
Market Conditions
NOI Build-Up for 4,321 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
$103.7K $24.00/SF
− Vacancy
−$7.3K −$1.68/SF
EGI
$96.4K $22.32/SF
− OpEx
−$24.1K −$5.58/SF
NOI
$72.3K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,446,680
Cap Rate 7%
$1,033,343
Cap Rate 9%
$803,711
Alternative Uses
Best Use
Specialty Retail
$1.03M
$904.2K – $1.21M
NOI $72,334 @ 7.0% cap · market cap 7.31%
Second Best
Retail
$856.8K
$749.7K – $999.6K
NOI $59,976 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,429 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
93k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 45%
Shops & Services 25%
Dining 24%
Hotels & Casinos 4%
Mariano's
Groceries
41,673 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
9,673 visits/mo
0.4 miles
Shell
Shops & Services
9,632 visits/mo
0.5 miles
Dunkin' Donuts
Dining
8,360 visits/mo
0.3 miles
goodstop by Casey's
Shops & Services
6,256 visits/mo
0.4 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story retail building with a full kitchen and ample parking, positioned for visibility on Waukegan Road.
Where is this retail space located?
The property is located at 9224 Waukegan Road Morton Grove, IL.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: 4,321 SF two‑story retail building formerly occupied by a restaurant; Includes full kitchen for food service use; Ample on‑site parking
