Log In/Sign Up
Your email has been sent.
Bernice Portfolio 3045 Bernice Rd 18 Unit Apartment Building $2,375,000 ($131,944/Unit) 8% Cap Rate Lansing, IL 60438
Investment Highlights
- 15 or 18 units rehabbed recently
- Large 2-3 bedroom units
- Plenty of parking
Executive Summary
Tremendous opportunity to acquire 3 rehabbed 6 unit buildings at a package (total of 18 units located at 3045, 3061, and 3069 Bernice) in an awesome apartment community. The current owners have fully renovated 15 of 18 units across these buildings and they can be purchased individually or as a package. Boasting $28,802 of monthly rental income, this is a cash cow! Sellers also did a complete tear off new roof this past year at 3045 Bernice (others were in good shape) along with renovating units to modern standards. Ownership has also installed electric heaters in the units to largely bypass the boilers (still installed but rarely kick on now) to much reduce the expenses. Owner replaced one boiler as well. This complex also has a large parking lot with tons of spaces for tenants. This is an investor's dream given the 9%+ cash on cash at asking and turnkey condition. Owner is open to selling buildings individually.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$345,624
|
$56.83
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$17,281
|
$2.84
|
| Effective Gross Income |
$328,343
|
$53.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$139,316
|
$22.91
|
| Net Operating Income |
$189,027
|
$31.08
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $345,624 |
| Annual Per SF | $56.83 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $17,281 |
| Annual Per SF | $2.84 |
| Effective Gross Income | |
|---|---|
| Annual | $328,343 |
| Annual Per SF | $53.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $139,316 |
| Annual Per SF | $22.91 |
| Net Operating Income | |
|---|---|
| Annual | $189,027 |
| Annual Per SF | $31.08 |
Property Facts
| Price | $2,375,000 | Building Class | C |
| Price Per Unit | $131,944 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 6,082 SF |
| Cap Rate | 8% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1977/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.11/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | r-3 | ||
| Price | $2,375,000 |
| Price Per Unit | $131,944 |
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 6,082 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1977/2025 |
| Parking Ratio | 1.11/1,000 SF |
| Zoning | r-3 |
Amenities
Unit Amenities
- Storage Space
- Kitchen
- Tub/Shower
- Deck
- Vinyl Flooring
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $1,475 | - |
| 3+1 | 12 | $1,600 | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 30-30-407-010-0000 | Improvements Assessment | $36,298 |
| Land Assessment | $3,702 | Total Assessment | $40,000 |
Property Taxes
Parcel Number
30-30-407-010-0000
Land Assessment
$3,702
Improvements Assessment
$36,298
Total Assessment
$40,000
1 of 22
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Bernice Portfolio | 3045 Bernice Rd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.