Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3061 Bernice Rd Lansing, IL 60438

    View on Map
    Sponsored
    For Sale
    $825,000

    MULTI_FAMILY - Lansing, IL

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

    Property Features for 3061 Bernice Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 30, Bedroom 5, Bathroom 18, Bedroom 15, Bedroom 55, Bathroom 8, Bedroom 19, Bedroom 1, Bedroom 56, Bedroom 47, Bedroom 16, Bedroom 18, Bedroom 33, Bedroom 53, Bathroom 4, Bedroom 25, Bedroom 22, Bedroom 27, Bedroom 43, Bathroom 9, Bathroom 10, Bedroom 44, Bedroom 12, Bathroom 5, Bedroom 34, Bedroom 4, Bedroom 51, Bathroom 3, Bedroom 8, Bathroom 16, Bedroom 20, Bedroom 36, Bedroom 38, Bedroom 23, Bedroom 2, Bedroom 9, Bedroom 48, Bathroom 19, Bedroom 13, Bedroom 29, Bedroom 50, Bedroom 26, Bedroom 10, Bathroom 17, Bedroom 42, Bedroom 14, Bedroom 3, Bedroom 6, Bedroom 49, Bedroom 31, Bathroom 15, Bedroom 24, Bedroom 46, Bedroom 45, Bedroom 11, Bedroom 28, Bedroom 7, Bathroom 12, Bedroom 40, Bathroom 1, Bedroom 35, Bathroom 7, Bedroom 52, Bedroom 39, Bedroom 57, Bedroom 21, Bathroom 13, Bedroom 17, Bedroom 32, Bathroom 20, Bedroom 37, Bathroom 6, Bedroom 54, Bathroom 2, Bathroom 14, Bedroom 41, Bathroom 11
    Bedrooms
    57
    Bathrooms
    20
    APN
    30304070120000

    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# 12593035

    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 6-Unit Apartment Building

    This is a rehabbed 6-unit apartment building located in Lansing, IL. The property has undergone renovations to modernize the units. The current owners have fully renovated 15 of 18 units across this building and two others also available for sale individually or as a package (3045 and 3069 Bernice). The property generates $9700 of rental income. A new roof was installed in the past year. Electric heaters have been installed in the units to largely bypass the boilers. The complex includes a large parking lot with ample spaces for tenants. The property is in turnkey condition.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    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
    -87.5425
    Latitude
    41.578937

    Nearby Similar for Sale

    • $355,000
      0.14 Acres

      Lansing Commercial Property For Sale

      Commercial property in Lansing, Illinois, suitable for a mechanic workshop.
      17809 Torrence Ave, Lansing, IL 60438
      View Details
    • $725,000
      0.18 Acres

      Remodeled Lansing Commercial Property

      Remodeled bar/restaurant with apartment and outdoor patio in Lansing.
      3323 Ridge Rd, Lansing, IL 60438
      View Details
    • New
      $750,000

      Rehabbed 6-Unit Apartment Building

      Turnkey investment opportunity with renovated units and new roof.
      3069 Bernice Rd, Lansing, IL 60438
      View Details
    • New
      $800,000

      Rehabbed Six-Unit Apartment Building

      Turnkey investment opportunity with renovated units and new roof.
      3045 Bernice Rd, Lansing, IL 60438
      View Details
    • $4,750,000
      4.88 Acres

      Lansing Trucking Terminal For Sale

      Trucking terminal on 4.88 acres with 130 trailer stalls.
      17735 Chappel Ave, Lansing, IL 60438
      View Details
    • $599,900

      Lansing Investment Property Package

      Single-family home and fully leased four-unit apartment in Lansing, Illinois.
      19061 Wentworth Ave, Lansing, IL 60438
      View Details
    • $569,000

      Established Business Opportunity in Lansing

      Generational business for sale with equipment and goodwill included.
      19510 Burnham Ave, Lansing, IL 60438
      View Details
    • $385,000
      0.11 Acres

      Lansing Mixed-Use Investment Opportunity

      Updated mixed-use property with residential and commercial units for sale.
      3601 Ridge Rd, Lansing, IL 60438
      View Details
    • $750,000

      Industrial Warehouse with Expansion Potential

      7,560 SF industrial warehouse on 4.47 acres near major highways.
      3125 Glenwood Lansing Rd, Lansing, IL 60438
      View Details
    • $779,000

      Lansing Retail, Office, Warehouse Property

      Multi-tenant retail, office, and warehouse property in downtown Lansing.
      3513-3517 Rdg Rd And 18241-18259 St West, Lansing, IL 60438
      View Details
    • Contact for pricing

      Multi-Tenant Retail Strip Center

      Retail strip center with potential to lease vacant office space.
      3224 Ridge Rd, Lansing, IL 60438
      View Details
    • $3,500,000
      18,742 SF

      Lansing Self Storage For Sale

      Newly completed self-storage facility in Chicago MSA, 84% leased.
      17506 Chicago Ave, Lansing, IL 60438
      View Details

    FAQs

    What type of property is this?
    Apartment building - Turnkey investment property with renovated units and new roof.
    Where is this apartment building located?
    The property is located at 3061 Bernice Rd Lansing, IL.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: - Turnkey investment opportunity with 15 of 18 units fully renovated to modern standards.; - High cash-on-cash return (9%+) at asking price.; - Significant rental income of $9700.
    (773) 630-9205
    Request Owner's contact information
    3061 Bernice Rd Lansing, IL 60438
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3061 Bernice Rd
    Lansing, IL 60438
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    3061 Bernice Rd Lansing, IL 60438
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Michael Scanlon
    Michael Scanlon
    Real Estate License ID: 475188240
    (773) 630-9205 (888) 574-9405
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!