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    8120 Lehigh Ave Morton Grove, IL 60053

    Sponsored
    For Lease
    $12 SF/Yr

    Morton Grove Office Space Available

    Lot size:
    72,058 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    North Grove Corporate Center offers 72,058 square feet of Class A office and industrial space in Morton Grove, Cook County. This single-story building, renovated in 2017, features flexible spaces ranging from 2,500 to 8,862 contiguous square feet, ideal for executive offices, flex space, medical offices, distribution, warehouse, or traditional office uses. The property boasts a 14-foot ceiling height, three loading docks, and two drive-in doors, supported by 480-volt power. Situated on five acres of land, the building offers convenient access for tenants, with individual HVAC control and no shared common areas or elevator bays. Its location provides easy access to I-94 (Edens Expressway) and the Morton Grove Metra station, attracting employees from Chicago and the northern suburbs. The building is ADA compliant and includes a full sprinkler system, making it suitable for medical use. The surrounding area offers a strong demographic profile, with a population of 480,310 within a five-mile radius, 179,110 households, and an average household income of $114,799. Morton Grove itself provides a suburban lifestyle with numerous restaurants, coffee shops, and parks. The property is part of a two-building campus with extensive perimeter windows, offering efficient and flexible spaces. Multiple tenants are currently accommodated.

    Property Features for 8120 Lehigh Ave

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    72,058 SF
    Class
    A
    Total Rate
    72058

    Building Details

    Year Renovated
    2017
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    105
    Size
    8,630 SF
    Rate per SF
    $12

    HighLights

    • 72,058 SF Class A office/industrial building in Morton Grove, Cook County.
    • Single‑story building with 14' ceiling height, offering 2,500 - 8,862 contiguous SF spaces.
    • Features 3 loading docks, 2 drive‑in doors, and 480‑volt power.
    • Renovated in 2017, suitable for executive office, flex, medical office, distribution, warehouse, and traditional office uses.
    • Located near I‑94 and the Morton Grove Metra station, providing convenient access to Chicago and the North Shore.
    • 5‑acre site with multiple tenants, offering individual HVAC control and ADA compliance.
    Property Profile Location Intelligence

    Current Use by Public Records

    Celtic Associations Business Management Consultant US Registry of Exercise ... Association / Organization NRRDA Attorney Airport Restaurant and Retail ... Restaurant

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Building Supply Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Morton Grove
    County
    Cook
    State
    Illinois
    Longitude
    -87.7831009
    Latitude
    42.0290729

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    FAQs

    What type of property is this?
    Medical office - Morton Grove Office Space Available
    Where is this medical office located?
    The property is located at 8120 Lehigh Ave Morton Grove, IL.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 72,058 SF Class A office/industrial building in Morton Grove, Cook County.; Single-story building with 14' ceiling height, offering 2,500 - 8,862 contiguous SF spaces.; Features 3 loading docks, 2 drive-in doors, and 480-volt power.
    Request Owner's contact information
    8120 Lehigh Ave Morton Grove, IL 60053
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    Morton Grove, IL 60053
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    8120 Lehigh Ave Morton Grove, IL 60053
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