Investment Overview

Marcus & Millichap is pleased to present the sale offering of 2800 Bernice Rd, a multi-tenant industrial flex investment opportunity located in Lansing, IL. The property resides in the South Chicagoland suburbs, directly south of the City of Chicago and less than two miles from the border of Indiana. It is located directly off of the I-94 and I-294 interchange, providing highway access to not only Chicagoland, but the entire Midwest. The subject property consists of 113,562 square feet of industrial and flex space, sits on 6.08 acres, and was constructed in 1978. The asset contains 29 total units and is currently 70.68% occupied by a diverse roster of 15 tenants. Standard Precising Grinding Co., the largest tenant occupying five total units and 22,860 square feet, will offer to sign a 3-year lease upon close of escrow. With the current tenant base operating at below market rents ($4.53 average gross rent per square foot), and a current vacancy of 29.32%, there is substantial room for immediate rent growth and a high pro forma yield. The purchase of this offering presents an investor with a significant value-add industrial flex investment opportunity. At the current list price of $2,000,000, after filling vacancy and raising rents to a market rate, the investment generates a pro forma NOI of $425,892 and a 21.29% pro forma CAP Rate.