956 Lincoln Ave - Apartments FOR SALE


Holland, MI 49423
$3,500,000 USD
312-550-4889
956 Lincoln Ave, Holland, MI for Sale
$3,500,000 USD
Apartments - FOR SALE
1/5
null | 6.95% Cap Rate

956 Lincoln Ave
Holland, MI 49423


OVERVIEW

Pantheon Commercial is pleased to present the Lincoln Avenue Portfolio, a 28-unit Holland, Michigan multifamily offering across three buildings on two parcels: 956 Lincoln Avenue (11-unit apartment building, built 1979), 863 Lincoln Avenue (16-unit apartment building, built 1977), and 857 Lincoln Avenue (single-family rental house on the 863 parcel, also 1977). The portfolio is 100% occupied as of the 6/1/26 rent roll with $30,752 in monthly gross rent, delivering $243,336 of in-place NOI at a 6.95% going-in cap rate on the $3,500,000 asking price. The buildings are offered as a whole or as separate parcels: 956 Lincoln for $1,375,000, or 863/857 Lincoln combined for $2,125,000. Current ownership has held the portfolio for approximately one year and has signed multiple new leases at progressively higher rates during that period. The portfolio presents a clear mark-to-market opportunity by aligning legacy rents with the CoStar Holland-area submarket 2-bedroom average of $1,488 per unit, plus operational upside through professional management and reassessed operating expenses on acquisition basis. Marking the 27 apartments to $1,300 per door (still below market) and layering 5% management plus 2.5% capital reserves on top of the in-place expense base produces a stabilized 7.81% cap rate on the asking price. Holland anchors Michigan's Lakeshore corridor and represents one of the highest-income, fastest-growing submarkets in West Michigan. The local economy is supported by an unusually deep concentration of advanced manufacturing — Haworth, MillerKnoll, Gentex, Yanfeng, Trans-Matic, and Boar's Head among a roster of more than 100 industrial employers within a ten-mile radius. Hope College adds approximately 3,400 students plus faculty, and the Holland-Zeeland multifamily submarket currently operates at 99.6% occupancy with only 1.2% of inventory under construction per CoStar.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$354 USD /SF

# OF UNITS

11

PRICE/UNIT

$318,182

CAP RATE

6.95%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1979

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.68 AC

LAND SF

29,621 SF

ZONING

MF

APN/PARCEL ID

53-02-05-278-019

ASK ABOUT THIS PROPERTY

Aaron EichenbergPantheon CommercialMore Info
312-550-4889

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Aaron EichenbergPantheon CommercialMore Info
312-550-4889

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.