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$1,700,000

For Sale

8 months ago

503 N Riverview Dr, Parchment, MI

House

MLS® 25039540

3 Bed

2 Bath

--

25 Parking

  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential Income
Size -
Garage 
Taxes $27,194
Days Active 241
Lot Size 
Approx. Age 1950
MLS® Number 25039540

Property Address: 503 N Riverview Dr, Parchment, MI, 49004-1459

Average square foot calculated using Size range provided by listing agent.

Description

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.
MLS® Number25039540
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
Garage
Approx. Age1950
BasementFull
DrivewayPaved
Garage Spaces
Heat
A/C
Heating Fuel

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Aug 6, 2025List Date
$1,700,000List Price

Home Appraisal

This property is estimated to sell between: $198,000 and $2,451,000.
Similar properties in this area sold on average for: $198,836
Expected to sell very soon! Similar properties sold in 13 days. This home has been on eXp Realty for 241 days.

The estimated sale price does not take into account many variables such as recent renovations, type of appliances, school district etc. To get a more accurate estimate please contact agent.

  • Commute

Commute

Starting Address
Destination Address
503 N Riverview Dr, Parchment, MI

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