53-Room
For Sale
$3,599,000
9424 Waukegan Road, Morton Grove, IL 60053
The two-level lodging property is positioned for access to major roads and interstates.
Property Size16,740 SF
Price / SF$214.99
Days on Market92
Property Features for 9424 Waukegan Road
General Information
Standard status
Active
Size
16,740 SF
Property subtype
COMMERCIAL
Additional Details
Highway Access
Yes
Currently Operating
Yes
Taxes and HOA fees
Annual Taxes
$76,614
Building Details
Building Size
16,740 SF
Buildings
1
Stories
2
Listing Agency:
Compass
Listed By:
Brad Lippitz Group
(773) 404-1144
Source:
Bradlippitz
Added: Jul 28
Changed: Oct 26
Last Checked: Oct 26 at 3:43PM
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 Compass
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Investment Insights
Based on property information with market context.
Red Roof Inn in Morton Grove is a two-level hotel with 53 rooms and 16,740 square feet of building area. The property is located at 9424 Waukegan Road, Morton Grove, Illinois.
Major roads and interstates are described as a short drive away, with O’Hare International Airport and downtown Chicago also nearby. Area attractions cited include Navy Pier, Chicago museums and theaters, Six Flags Great America, and Golf Mill shopping center.
Major roads and interstates are described as a short drive away, with O’Hare International Airport and downtown Chicago also nearby. Area attractions cited include Navy Pier, Chicago museums and theaters, Six Flags Great America, and Golf Mill shopping center.
Key Highlights
- 53 guest rooms across a two‑level hotel building
- 16,740 square feet of building area
- Located at 9424 Waukegan Road in Morton Grove, Illinois
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$125,236
Cap Rate
3.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,504,720
$2.5M
Cap Rate 7%
$1,789,086
$1.8M
Cap Rate 9%
$1,391,511
$1.4M
Market Conditions
NOI Build-Up for 16,740 SF
Gross rent
$301.3K $18.00/SF
− Vacancy
−$37.7K −$2.25/SF
EGI
$263.7K $15.75/SF
− OpEx
−$138.4K −$8.27/SF
NOI
$125.2K $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 Rate 5%
$2,504,720
Cap Rate 7%
$1,789,086
Cap Rate 9%
$1,391,511
Alternative Uses
Best Use
Hotel Hospitality
$1.79M
$1.57M – $2.09M
NOI $125,236 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.78M
$5.06M – $6.74M
NOI $404,569 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
791
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
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Frequently Asked Questions
What type of property is this?
Hotel - The two-level lodging property is positioned for access to major roads and interstates.
Where is this hotel located?
The property is located at 9424 Waukegan Road Morton Grove, IL.
What is the asking price?
The asking price for this property is $3,599,000.
What are key features of this property?
This property features: 53 guest rooms across a two‑level hotel building; 16,740 square feet of building area; Located at 9424 Waukegan Road in Morton Grove, Illinois
