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    503 N Riverview Dr Parchment, MI 49004

    For Sale
    $1,700,000

    MULTI_FAMILY - Parchment, MI

    Lot size:
    0.75 Acres
    Days on Market:
    11
    Last Refresh:
    Dec 13 at 10:06 am

    Property Features for 503 N Riverview Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bedroom 1, Basement, Bedroom 3, Bedroom 2, Bathroom 2
    Bedrooms
    3
    APN
    06-02-110-081
    Parking
    25
    Basement
    Full
    Lot size
    0.75 Acres

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating)

    Building Details

    Year built
    1950
    Number of units
    2
    Building materials
    Brick
    Roof type
    Composition

    Five Star Real Estate (269) 459-7898

    Listing agent Adam Atwood (269) 377-4589

    Listing date Dec 3, 2025

    MLS# 25039540 Listing URL

    Copyright © 2025 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Parchment Multifamily Investment Opportunity

    This exceptional 24-unit apartment complex consists of 23 one-bedroom units and 1 two-bedroom unit. The units are distributed across four brick, three-story buildings, with six units in each building. The property is situated in a prime rental market, benefiting from a history of high occupancy and long-term tenant stability. There are 25 parking spaces available, including both carport and lot parking. Two coin laundry rooms are on-site, providing added convenience and revenue. The property's total monthly revenue is approximately $20,000. Many units have been updated, and there is potential to convert up to 19 units into two-bedroom configurations. Tenants are responsible for electric and cooking gas expenses. The owner covers the costs of heat, water/sewer, trash, and lawn/plow services. Located in Parchment, Michigan, this multifamily property presents a rare investment opportunity with low vacancy and strong returns.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Parchment
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.567279
    Latitude
    42.331086

    FAQs

    What type of property is this?
    Apartment building - 24-unit apartment complex in prime location with value-add potential.
    Where is this apartment building located?
    The property is located at 503 N Riverview Dr Parchment, MI.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: - Prime rental market location with excellent occupancy history and long-term tenant stability.; - Strong potential for value-add by converting up to 19 units into 2-bedroom units.; - Currently generating approximately $20,000 in total monthly revenue.
    (269) 377-4589
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    503 N Riverview Dr Parchment, MI 49004
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    503 N Riverview Dr Parchment, MI 49004
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