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    1964 Morton Ave Jacksonville, IL 62650

    Sponsored
    For Lease
    Contact for pricing

    103,000 SF Retail Space, 32,000 SF Available

    Lot size:
    103,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 103,000 square foot retail property in Jacksonville, IL, underwent a complete redevelopment in 2025. The property boasts a prime location at 1964 W Morton Ave, situated on 15 acres of land and sharing a signalized intersection with a Walmart Supercenter. Accessibility is excellent, with convenient access to I-72, US Rt 36, US 67/US Rt Bus. 67, IL Rt 104, and IL Rt 78. The building, originally constructed in 1996, features a single story with three suites totaling 103,000 square feet. Currently, 32,000 square feet of space is available, divisible down to 20,000 square feet, making it ideal for a variety of retail uses. Two major national tenants, Hobby Lobby and Marshalls, are already under lease. The property includes an estimated 400 parking spaces, recently resealed, restriped, and equipped with new LED lighting. The property also features exclusive docks. The zoning is B-4, and property taxes are $0.40 per square foot. This is a rare opportunity for "big box retail" in a high-traffic area of Jacksonville, IL. Don't miss this chance to secure a prominent location in a thriving market.

    Property Features for 1964 Morton Ave

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    103,000 SF

    Building Details

    Year Built/Renovated
    1996/2025
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    West End
    Size
    31,560 SF

    We can help!

    Listing Contact
    Rich Hohmann

    Learn more

    Property Insight Report

    HighLights

    • Highly competitive rental rates.
    • Rent will be negotiated based on tenant space requirements and landlord improvements.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kristi A. DiBlasi, PharmD Pharmacy higi Health Consultant

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage 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
    Jacksonville
    County
    Morgan
    State
    Illinois
    Longitude
    -90.2708986
    Latitude
    39.7250295

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    Nearby Similar for Lease

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      Shoppes on Morton Retail Space

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      1939 Morton Ave, Jacksonville, IL 62650
      View Details
    • Contact for pricing
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    FAQs

    What type of property is this?
    Retail property - 103,000 SF Retail Space, 32,000 SF Available
    Where is this retail property located?
    The property is located at 1964 Morton Ave Jacksonville, IL.
    What are key features of this property?
    This property features: Highly competitive rental rates.; Rent will be negotiated based on tenant space requirements and landlord improvements.;
    Request Owner's contact information
    1964 Morton Ave Jacksonville, IL 62650
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    Jacksonville, IL 62650
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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
    1964 Morton Ave Jacksonville, IL 62650
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    We can help!
    Listing Contact
    Rich Hohmann
    Learn more
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