863 Lincoln Ave 17 Unit Apartment Building $3,500,000 ($205,882/Unit) 6.95% Cap Rate Holland, MI 49423

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.