513/517 Michael Dr Morris, IL 60450
- Specialty properties
- 2,080 SF
Current Use by Public Records
- Specialty properties
Property Details for 513/517 Michael Dr
- Property size
- 2,080 SF
- Property type
- Specialty properties
- Property subtype
- Land
Description
This exceptional three-unit commercial property, located at 513/517 Michael Dr. in Morris, Illinois (60450), presents a compelling investment opportunity. The 2,080 square foot brick and vinyl building enjoys high visibility from a signaled intersection on busy west Rt. 6. The property boasts two ground-floor commercial units currently leased to a beauty salon and a construction company, ensuring immediate income generation. Upstairs, a well-maintained two-bedroom apartment, complete with appliances and a deck overlooking green space, provides additional rental income. Both apartment and commercial tenants have existing leases. The property features eight designated parking spaces and has undergone significant recent improvements, including newer vinyl windows, a six-year-old high-efficiency boiler, and a water heater installed in March 2023. The building is fully depreciated, making it an attractive proposition for investors. Seller financing is available. This well-maintained property offers a blend of commercial and residential income streams in a desirable Morris location. This is a rare opportunity to acquire a three-unit income-producing property with a strong history of occupancy and significant recent upgrades.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Morris
- County
- Grundy
- State
- Illinois
- Longitude
- -88.4318
- Latitude
- 41.3723
