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    503 N Riverview Drive Parchment, MI 49004

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    Claim this Listing
    For Sale
    $1,700,000

    MULTI_FAMILY - Parchment, MI

    Lot size:
    0.75 Acres
    Added:
    Aug 6, 2025
    Days on Market:
    248
    Last Refresh:
    Apr 10 at 11:06 am

    Property Features for 503 N Riverview Drive

    General Information

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

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    PARCHMENT ADDITION N 26.4 FT LOT 9 & LOTS 10,11,12,13, & 14 BLK 2 *
    Tax Annual Amount
    27194

    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

    We can help!

    Listing Contact
    Adam Atwood

    Listing agent Adam Atwood License #6506047769

    Listing office Five Star Real Estate 101 E Allegan St, Portage, MI

    Listing date Aug 6, 2025

    MLS# 25039540

    Copyright © 2026 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

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Auto Repair Shop Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Parchment
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.567254
    Latitude
    42.330771

    Nearby Similar for Sale

    • $265,000

      Parchment Duplex Near Kindleberger Park

      Income-generating duplex in prime Parchment location near amenities.
      224-226 Maple Street, Parchment, MI 49004
      View Details
    • $500,000

      Fully Occupied 8-Unit Apartment Building

      Solid brick, low-maintenance apartment building with strong rental history.
      114 E Thomas Street, Parchment, MI 49004
      View Details

    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 Drive 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
    We can help!
    Listing Contact
    Adam Atwood
    Real Estate License ID: 6506047769
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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