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512 N Lincoln St

23 Unit Apartment Building $889,900 ($38,691/Unit) Bay City, MI 48708

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Executive Summary

Owning a piece of history like the original Bay City Academy is an incredible opportunity! The combination of historical charm and modern amenities make it a versatile investment. With 23 rental units and 5 office spaces, there's already a solid income stream in place, and the potential to convert additional rooms into income-generating spaces adds even more value. The building's 1890s architecture, with its original oak trim and mirror staircases, adds a unique character that's hard to find in newer constructions. The vaulted ceilings and archways further enhance its appeal, creating a sense of grandeur and elegance. It's fascinating to hear about the original chapel, repurposed as office space, and the secret staircase used by the priest. These historical touches add to the building's allure and provide a glimpse into its rich past. With recent updates like the refurbished boilers (2024) and new roof (Dec 2023), along with regular maintenance of the Otis elevator, it's clear that the property has been well-cared for and is ready for its next chapter. Investing in such a property not only provides a solid financial opportunity but also allows the owner to become a part of local history, preserving and maintaining a piece of Bay City's heritage for generations to come.

Floor Plans

Property Facts Under Contract

Price	$889,900	Building Class	C
Price Per Unit	$38,691	Lot Size	1.73 AC
Sale Type	Investment	Building Size	40,000 SF
Sale Conditions	1031 Exchange Bulk/Portfolio Sale	Average Occupancy	70%
No. Units	23	No. Stories	4
Property Type	Multifamily	Year Built/Renovated	1890/2023
Property Subtype	Apartment Multifamily Dormitory	Parking Ratio	1.25/1,000 SF
Apartment Style	Mid Rise

Price	$889,900
Price Per Unit	$38,691
Sale Type	Investment
Sale Conditions	1031 Exchange Bulk/Portfolio Sale
No. Units	23
Property Type	Multifamily
Property Subtype	Apartment Multifamily Dormitory
Apartment Style	Mid Rise
Building Class	C
Lot Size	1.73 AC
Building Size	40,000 SF
Average Occupancy	70%
No. Stories	4
Year Built/Renovated	1890/2023
Parking Ratio	1.25/1,000 SF