Multi-Building Flex
For Sale
$799,000
1905 Bernice Road, Lansing, IL 60438
OFFIC-zoned commercial property offers separate buildings and configurable suite options.
Property Size8,000 SF
Lot Size2.00 Acres
Price / SF$47
Days on Market13
Property Features for 1905 Bernice Road
General Information
Standard status
Active
Size
8,000 SF
Lot size
2.00 Acres
Property subtype
Commercial
Zoning
OFFIC
Taxes and HOA fees
Annual Taxes
$43,716
Building Details
Building Size
8,000 SF
Year Built
1973
Buildings
2
Stories
2
Listing Agency:
Compass
(630) 861-1800
Listed By:
Chanan Dozier · License #471020308
(630) 861-1800
Source:
Allinonerealestateco
Added: Aug 7
Changed: Aug 18
Last Checked: Aug 18 at 7:07AM
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
Investment Insights
Based on property information with market context.
Located at 1905 Bernice Road in Lansing, Illinois, this flex property includes two freestanding commercial buildings totaling approximately 17,000 SF. The buildings measure approximately 9,000 SF and 7,700 SF, creating separate structures for varied occupancy and operational needs.
Suite sizes range from approximately 520 SF to 1,645 SF, with configurations available for users requiring up to 17,000 SF. Move-in-ready suites are offered alongside built-to-suit options. The property sits on nearly 2 acres and carries OFFIC zoning, supporting a range of commercial space configurations.
Suite sizes range from approximately 520 SF to 1,645 SF, with configurations available for users requiring up to 17,000 SF. Move-in-ready suites are offered alongside built-to-suit options. The property sits on nearly 2 acres and carries OFFIC zoning, supporting a range of commercial space configurations.
Key Highlights
- Two freestanding buildings measuring approximately 9,000 SF and 7,700 SF
- Approximately 17,000 SF of total building area
- Nearly 2 acres of land
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$73,179
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,463,580
$1.5M
Cap Rate 7%
$1,045,414
$1.0M
Cap Rate 9%
$813,100
$813.1K
Market Conditions
NOI Build-Up for 17,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$110.2K $6.48/SF
− Vacancy
−$5.6K −$0.33/SF
EGI
$104.5K $6.15/SF
− OpEx
−$31.4K −$1.84/SF
NOI
$73.2K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,463,580
Cap Rate 7%
$1,045,414
Cap Rate 9%
$813,100
Alternative Uses
Best Use
Flex RnD
$2.56M
$2.24M – $2.98M
NOI $179,010 @ 7.0% cap · market cap 22.40%
Second Best
Industrial
$1.05M
$914.7K – $1.22M
NOI $73,179 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$5.87M
$5.14M – $6.85M
NOI $410,853 @ 7.0% cap · market cap 51.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60438, IL
29,661
Population
12,230
Households
2.4
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
8.1 sq mi
ZIP Area
3,662
Density / Sq Mi
$72,043
Median Household Income
$44,632
Median Earnings
$1,271
Median Rent
$168,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - OFFIC-zoned commercial property offers separate buildings and configurable suite options.
Where is this flex space located?
The property is located at 1905 Bernice Road Lansing, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two freestanding buildings measuring approximately 9,000 SF and 7,700 SF; Approximately 17,000 SF of total building area; Nearly 2 acres of land
