3045 Bernice Rd Lansing, IL 60438

Property Details for 3045 Bernice Rd

Year built

1977

Property size

16,200 SF

Property type

Commercial real estate

Description

This exceptional 18-unit apartment building in Lansing, Illinois, presents a compelling investment opportunity. The property, totaling 16,200 square feet, is comprised of twelve three-bedroom and six two-bedroom units, each meticulously maintained. Sixteen of the eighteen units boast recently updated kitchens and bathroom vanities, featuring vinyl plank flooring in living and dining areas, tile in kitchens, Formica countertops, and updated cabinetry. Heating is provided by hot water baseboard systems, and cooling is achieved through window air conditioning units. Building amenities include secured entrances and individual storage lockers for each unit, along with shared laundry facilities (one washer and one dryer per building, landlord-owned). The property enjoys a prime location in a thriving retail area of the Chicago South Suburbs, conveniently situated near I-94, providing easy access to downtown Chicago. Its proximity to Walmart and a local elementary school further enhances its appeal. The current asking price is $1,800,000, representing $100,000 per unit and a price per square foot of $111.11. The property boasts a 7.60% cap rate and a pro-forma cap rate of 8.30%. Significant upside potential exists, with the possibility of a 20% rent increase. This well-maintained asset offers immediate economies of scale in a low-sale-velocity submarket, promising a strong cash-on-cash return exceeding 9% for the new owner. Built in 1977, this property is a rare find in the Chicago suburbs.