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3069 Bernice Rd 6 Unit Apartment Building $690,000 ($115,000/Unit) 7.97% Cap Rate Lansing, IL 60438
Investment Highlights
- Tenant paid electric
- 4 of 6 unites recently updated
- Ample parking
Executive Summary
Tremendous rehabbed 6 unit in an awesome apartment community! 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 3061 Bernice). Boasting $9109 of rental income and a complete tear off new roof this past year along with renovated units to modern standards, this is an unbeatable turnkey investment. 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. 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.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$108,708
|
$17.87
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,435
|
$0.89
|
| Effective Gross Income |
$103,273
|
$16.98
|
| Taxes |
$21,996
|
$3.62
|
| Operating Expenses |
$26,554
|
$4.37
|
| Total Expenses |
$48,550
|
$7.98
|
| Net Operating Income |
$54,723
|
$9.00
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $108,708 |
| Annual Per SF | $17.87 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,435 |
| Annual Per SF | $0.89 |
| Effective Gross Income | |
|---|---|
| Annual | $103,273 |
| Annual Per SF | $16.98 |
| Taxes | |
|---|---|
| Annual | $21,996 |
| Annual Per SF | $3.62 |
| Operating Expenses | |
|---|---|
| Annual | $26,554 |
| Annual Per SF | $4.37 |
| Total Expenses | |
|---|---|
| Annual | $48,550 |
| Annual Per SF | $7.98 |
| Net Operating Income | |
|---|---|
| Annual | $54,723 |
| Annual Per SF | $9.00 |
Property Facts
| Price | $690,000 | Building Class | C |
| Price Per Unit | $115,000 | Lot Size | 0.21 AC |
| Sale Type | Investment | Building Size | 6,082 SF |
| Cap Rate | 7.97% | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1979/2024 |
| Property Type | Multifamily | Parking Ratio | 1.67/1,000 SF |
| Property Subtype | Apartment | Cross Streets | Lorenz Ave |
| Apartment Style | Low-Rise | ||
| Zoning | R-3, Lansing | ||
| Price | $690,000 |
| Price Per Unit | $115,000 |
| Sale Type | Investment |
| Cap Rate | 7.97% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 6,082 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1979/2024 |
| Parking Ratio | 1.67/1,000 SF |
| Cross Streets | Lorenz Ave |
| Zoning | R-3, Lansing |
Amenities
Unit Amenities
- Balcony
- Large Bedrooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $1,400 | 800 |
| 3+1 | 4 | $1,478 | 1,000 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 30-30-407-013-0000 | Total Assessment | $40,000 (2025) |
| Land Assessment | $4,201 (2025) | Annual Taxes | $21,996 ($3.62/SF) |
| Improvements Assessment | $35,799 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
30-30-407-013-0000
Land Assessment
$4,201 (2025)
Improvements Assessment
$35,799 (2025)
Total Assessment
$40,000 (2025)
Annual Taxes
$21,996 ($3.62/SF)
Tax Year
2026
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3069 Bernice Rd
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