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    3045 Bernice Rd Lansing, IL 60438

    View on Map
    Sponsored
    For Sale
    $800,000

    MULTI_FAMILY - Lansing, IL

    Days on Market:
    2
    Last Refresh:
    Mar 17 at 7:06 am

    Property Features for 3045 Bernice Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 36, Bathroom 1, Bathroom 16, Bathroom 9, Bedroom 6, Bedroom 23, Bedroom 17, Bedroom 25, Bathroom 17, Bedroom 48, Bedroom 4, Bathroom 11, Bathroom 19, Bedroom 44, Bathroom 14, Bedroom 53, Bedroom 29, Bedroom 38, Bedroom 27, Bedroom 20, Bedroom 28, Bathroom 6, Bedroom 45, Bedroom 1, Bathroom 15, Bedroom 19, Bedroom 43, Bedroom 47, Bedroom 46, Bedroom 33, Bathroom 12, Bedroom 14, Bedroom 56, Bedroom 32, Bedroom 50, Bedroom 15, Bedroom 9, Bedroom 35, Bedroom 5, Bedroom 49, Bedroom 8, Bedroom 42, Bedroom 41, Bathroom 13, Bedroom 57, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 39, Bathroom 4, Bathroom 7, Bedroom 21, Bedroom 37, Bedroom 13, Bedroom 16, Bathroom 18, Bedroom 54, Bedroom 24, Bedroom 55, Bedroom 2, Bedroom 52, Bedroom 51, Bedroom 7, Bedroom 26, Bathroom 10, Bathroom 8, Bedroom 12, Bathroom 20, Bedroom 10, Bedroom 22, Bedroom 40, Bedroom 18, Bathroom 5, Bedroom 30, Bedroom 11, Bedroom 31, Bedroom 34
    Bedrooms
    57
    Bathrooms
    20
    APN
    30304070100000

    Building Details

    Year built
    1978
    Floors in Building
    3
    Number of units
    6

    We can help!

    Listing Contact
    Michael Scanlon
    Michael Scanlon

    eXp Realty, LLC (888) 574-9405

    Listing agent Michael Scanlon (773) 630-9205

    Listing date Mar 16, 2026

    MLS# 12593028 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Rehabbed Six-Unit Apartment Building

    This is a rehabbed six-unit apartment building located in Lansing, Illinois. The property has undergone renovations to modern standards, with the current owners having fully renovated 15 of 18 units across this building and two others that are also available for sale individually or as a package. The property generates almost $9500 of rental income. A complete tear-off new roof was installed in the past year. Electric heaters have been installed in the units to largely bypass the boilers, which reduces expenses. The complex includes a large parking lot with ample spaces for tenants. This property is an investor's dream, offering a 9%+ cash-on-cash return at the asking price and turnkey condition.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    alpha credit solutions Business Management Consultant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Cook
    State
    Illinois
    Longitude
    -87.542908
    Latitude
    41.579006

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    FAQs

    What type of property is this?
    Apartment building - Turnkey investment opportunity with renovated units and new roof.
    Where is this apartment building located?
    The property is located at 3045 Bernice Rd Lansing, IL.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: - Turnkey investment property with 15 of 18 units fully renovated to modern standards.; - High cash-on-cash return of 9%+ at asking price.; - Significant rental income of almost $9500.
    (773) 630-9205
    Request Owner's contact information
    3045 Bernice Rd Lansing, IL 60438
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    Lansing, IL 60438
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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
    3045 Bernice Rd Lansing, IL 60438
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    We can help!
    Listing Contact
    Michael Scanlon
    Michael Scanlon
    Real Estate License ID: 475188240
    (773) 630-9205 (888) 574-9405
    Learn more
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