228 Bernard St Bourbonnais, IL 60914
- Commercial real estate
- 9,000 SF
- 0.96 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 228 Bernard St
- Lot size
- 0.96 lot acres
- Property size
- 9,000 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a portfolio of three multifamily properties totaling sixteen units in Bourbonnais, Illinois. The portfolio comprises fourteen one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, and one studio unit, encompassing 9,000 square feet of living space across three buildings situated on a combined 0.96 acres. Each building offers ample green space and on-site parking. The properties boast a strong 7.26% cap rate and a substantial net operating income (NOI) of $87,109, with an asking price of $1,200,000 ($75,000 per unit and $133.33 per square foot). Located in desirable residential neighborhoods near downtown Bourbonnais, the properties benefit from convenient access to major roadways, including IL-102, IL-50, IL-113, US Route 52, and Interstate 57, as well as proximity to the Kankakee Amtrak Station. The properties are also within walking distance of public transportation. The portfolio is situated near Olivet Nazarene University, retail amenities, restaurants, and employment centers. The properties are in a highly-rated school district and benefit from strong demographics, with average household incomes exceeding $86,000 within a three-mile radius. Existing leases offer significant value-add potential through market rent increases and unit upgrades. The properties are separately metered for electricity, heat (electric), and hot water (electric). Landlord responsibilities include common area electric, water, and sewer.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bourbonnais
- County
- Kankakee
- State
- Illinois
- Longitude
- -87.8796457
- Latitude
- 41.1579298
