503 N Riverview Drive, Parchment, MI 49004

Local realty services provided by:Better Homes and Gardens Real Estate Connections
503 N Riverview Drive,Parchment, MI 49004
$1,700,000
  • - Beds
  • - Baths
  • - sq. ft.
  • Multi-family
  • Active
Listed by: adam atwood, amanda m atwood
Office: five star real estate
MLS#:25039540
Source:MI_GRAR

Price summary

  • Price:$1,700,000

About this home

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.

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Home facts

  • Year built:1950
  • Listing ID #:25039540
  • Added:146 day(s) ago
  • Updated:December 31, 2025 at 04:48 PM

Heating and cooling

  • Heating:Hot Water

Structure and exterior

  • Year built:1950
  • Lot area:0.75 Acres

Utilities

  • Sewer:Public Sewer

Finances and disclosures

  • Price:$1,700,000
  • Tax amount:$27,194 (2024)

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