Lincoln Manor Senior Apartments 406 S Church St

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Lincoln Manor Senior Apartments in Lincoln, MI. This 23-unit asset is currently operated as a 55+ Senior Community (no government restrictions) and is nestled on 6.38 beautiful Northern Michigan acres. Lincoln Manor is broken out into (17) 600 SF one bed one baths and (6) 750 SF two bed one baths and is outfitted with electric baseboard tenant paid heat and electric, while the owner pays common area gas. This property is also outfitted with its own well and septic, allowing an investor to have minimal utility costs.

Listed at a 9.72% Cap rate and $34,778 per unit, Lincoln Manor presents an appealing opportunity for investors, providing immediate cash flow upon acquisition. With ongoing marketing and leasing initiatives, there is potential for further upside and rent increases. Historically, this property has maintained an impressive 95% occupancy rate. Presently, occupancy stands at 91.3%, with 21 of the 23 units occupied. The two vacant units, which underwent renovations over the winter months, are now complete and ready for occupancy.

While currently marketed for the 55+ demographic, there’s flexibility (and no government restrictions) for the property to transition into a standard apartment complex. Such a conversion will result in increased market rents and enhanced profitability for investors.

Please reach out to HMA before this stabilized, value add opportunity is gone.