Morton Grove Commercial Property For
For Sale
Contact for pricing
8150 Lehigh Ave, Morton Grove, IL 60053
Commercial property available for sale in Morton Grove, Illinois.
Property Size37,666 SF
Price / SF$106.17
Days on Market682
Property Features for 8150 Lehigh Ave
General Information
Standard status
Active
Size
37,666 SF
Property subtype
Office, Industrial
Lease Type
NNN
Listing Agency:
Strauss Realty
(773) 736-3600
Listed By:
Adam Schneiderman · License #IL 475149601
Source:
Crexi
Added: Oct 10, 2024
Changed: Aug 14
Last Checked: Aug 21 at 4:07AM
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 commercial property in Morton Grove, Illinois, is available for sale. The property encompasses 37,666 square feet and is suitable for flex space, industrial purposes, office units, office spaces, warehouses, and other commercial real estate ventures.
Key Highlights
- No property information provided.
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
$162,139
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
4.05%
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%
$3,242,780
$3.2M
Cap Rate 7%
$2,316,271
$2.3M
Cap Rate 9%
$1,801,544
$1.8M
Market Conditions
NOI Build-Up for 37,666 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
$244.1K $6.48/SF
− Vacancy
−$12.4K −$0.33/SF
EGI
$231.6K $6.15/SF
− OpEx
−$69.5K −$1.84/SF
NOI
$162.1K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$3,242,780
Cap Rate 7%
$2,316,271
Cap Rate 9%
$1,801,544
Alternative Uses
Best Use
Flex RnD
$5.67M
$4.96M – $6.61M
NOI $396,623 @ 7.0% cap · market cap 9.92%
Second Best
Industrial
$2.32M
$2.03M – $2.70M
NOI $162,139 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$13.00M
$11.38M – $15.17M
NOI $910,305 @ 7.0% cap · market cap 22.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
670
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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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property available for sale in Morton Grove, Illinois.
Where is this flex space located?
The property is located at 8150 Lehigh Ave Morton Grove, IL.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: No property information provided.
