For Sale
$229,900

2936 Bernice Rd Lansing, IL 60438

Prime Lansing location, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
131
This mixed-use property in Lansing, IL, presents a compelling investment opportunity. The 2,960 square foot building, constructed in 1973, sits on a 6,250 square foot lot and features a blend of commercial and residential space. Currently, the property boasts 100% occupancy with three tenants, including two one-bedroom apartments generating $1,700 monthly rent and a 2,960 sq ft commercial office space generating $1,000 monthly rent. The current NOI is $5,534, with a pro-forma NOI of $18,734. The asking price is $229,900, representing a current cap rate of 8.50% and a pro-forma cap rate of 8.15%. The property includes 22 parking spaces and is zoned for commercial use. The building consists of two stories and is currently under a multi-tenant lease with a lease term of one year, commencing March 1, 2024, and expiring January 17, 2025. The property's prime location near shopping, dining, and major thoroughfares ensures high visibility and accessibility for tenants. This presents a unique opportunity to acquire a stable, income-producing asset with significant potential for future value appreciation through potential upgrades or customization. The property is offered fee simple.

Highlights

  • Income-producing property: $2,700/month in rental income ($1,000 commercial, $1,700 residential).
  • Mixed-use flexibility: Combines commercial and residential units.
  • 100% occupancy: All units currently leased to reliable tenants.
  • Prime location: High-traffic area near shopping, dining, and major roads.
  • Significant upside potential: Opportunities for improvements to increase value and rental income.
  • Low vacancy risk: High visibility and accessibility due to prime location.

Property Details for 2936 Bernice Rd

Property type
Retail properties, Office properties
Square Feet
2,960 SF
Year Built
1973
Buildings
1
Stories
2
Units
4

Location Insight

City
Lansing
County
Cook
State
Illinois
Latitude
41.579283626964
Longitude
-87.545377907739

FAQs

What type of property is this?
Retail property - Prime Lansing location, strong NOI.
Where is the retail property located?
The property is located at 2936 Bernice Rd Lansing, IL.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Income-producing property: $2,700/month in rental income ($1,000 commercial, $1,700 residential).; Mixed-use flexibility: Combines commercial and residential units.; 100% occupancy: All units currently leased to reliable tenants.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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2936 Bernice Rd
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