503 N Riverview Drive Parchment, MI $ 1,700,000
503 N Riverview Drive
$ 1,700,000
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503 N Riverview Drive

Parchment, MI, 49004
$ 1,700,000
Baths0.0

Monthly Estimate*

$ 10,606

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View a Virtual Tour
Studio

Multi-Family Home for sale in Parchment, MI

for $1,700,000. This home was built in 1950 on a lot size of 0.75.

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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Multi-Family Active

Price

$ 1,700,000

Bedrooms

Studio

Property Type

Multi-Family

Taxes

$ 27,194

Style

5+ Units

Lot Size

0.75

Year Built

1950

Town/City

Parchment

County/Region

Kalamazoo

MLS | Web ID

25039540

Features
General
Sewer Public Sewer
Heating Hot Water
Cooling None
Utilities Natural Gas Available Phone Connected Natural Gas Connected Electricity Connected Cable Connected
Possession Close Of Escrow Subject To Tenant Rights
Roof Composition
Construction Materials Brick
Year Built 1950
Tenant Pays Electric Gas
Township Parchment City
Property Subtype 5+ Units
Tax Year 2024
County Kalamazoo
New Construction N
Property Type Multi Family
Attached Garage N
Status Active
Directions North on Riverview Drive turn left on Thomas street.
City Parchment
High School District Parchment
Number Of Units Total 2
MLS Area Greater Kalamazoo - K
Lot Size Units Acres
Lot Size Square Feet 32539.0
Listing Terms Cash Conventional
Land Lease Y/N N
Tax Annual Amount 27194.3
Lease Renewal Y/N N
MLS Area Minor Greater Kalamazoo - K
Additional Parcels Y/N N
Rent Control Y/N N
Virtual Tour https://my.matterport.com/show/?m=MopZj3yixJ9
Standard Status Active
Occupancy Type Tenant
Tax Assessed Value 369700
Legal Description PARCHMENT ADDITION N 26.4 FT LOT 9 & LOTS 10 11 12 13 & 14 BLK 2 *
Senior Community None
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Interior
Basement Full
Basement (Y/N) Y
Air Conditioning Y/N N
Heating Y/N Y
Laundry Features Common Area
Total Baths 0
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Exterior
Parking Features Paved
Lot Features Sidewalk Corner Lot
Total Parking 25.0
Lot Size Area 0.75
Number of Buildings 4
Spa N
Lot Dimensions 249x134
Lot Size Acres 0.75
Road Surface Type Paved
Waterfront Y/N N
Crops Included Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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Internal Only
Street Number 1 503
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* Excluded Features
List By
Five Star Real Estate

Broker

atwoodproperties@gmail.com

Email

Affordability Calculator

$12,872
Per Month
82%
18%
0%
Monthly Principal & Interest
$10,606
Monthly Property Taxes
$2,266
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
249871 Elementary School
250197 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
8/6/2025$1,700,000 Listed Price

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503 N Riverview Drive, Parchment, MI, 49004 is a Multi-Family Home for sale at $1,700,000 with a lot size of 0.75. 503 N Riverview Drive is a studio with 0.0 baths and was built in 1950. The property's zip code is 49004 which is in Parchment, MI