$1,700,000
503 N Riverview Drive
Parchment, MI, 49004
Exceptional 24-unit apartment complex featuring 23 spacious 1-bedroom units and 1 2-bedroom unit across four solid brick, 3-story buildings (6 units per building). Located in a prime rental market with excellent occupancy history and long-term tenant stability. Property includes 25 total parking spaces (carport and lot parking) and two well-maintained coin laundry rooms for added convenience and revenue.
Total monthly revenue is currently near $20,000.
Many units have been tastefully updated, and there’s strong potential for value-add by converting up to 19 units into 2-bedrooms. Tenants pay electric and cooking gas, while owner covers heat, water/sewer, trash, and lawn/plow services. Low vacancy, strong returns, and clear upside make this a rare multifamily opportunity.
Total monthly revenue is currently near $20,000.
Many units have been tastefully updated, and there’s strong potential for value-add by converting up to 19 units into 2-bedrooms. Tenants pay electric and cooking gas, while owner covers heat, water/sewer, trash, and lawn/plow services. Low vacancy, strong returns, and clear upside make this a rare multifamily opportunity.
Property Details
Price:
$1,700,000
MLS #:
25039540
Status:
Active
Beds:
0
Baths:
0
Address:
503 N Riverview Drive
Type:
Single Family
Subtype:
5+ Units
City:
Parchment
Listed Date:
Aug 6, 2025
State:
MI
ZIP:
49004
Lot Size:
32,539 sqft / 0.75 acres (approx)
Year Built:
1950
Schools
School District:
Parchment
Interior
Cooling
None
Heating
Hot Water
Laundry Features
Common Area
Exterior
Construction Materials
Brick
Parking Features
Paved
Parking Spots
25
Roof
Composition
Financial
Tax Year
2024
Taxes
$27,194
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