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

Studio Baths0.0 Sq 12,480

Monthly Estimate*

^$ 10,606

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Studio

Multi-Family Home for sale in Parchment, MI

for $1,700,000. This 12,480 square foot 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.

Multi-Family Active

Price

^$ 1,700,000

Bedrooms

Studio

Property Type

Multi-Family

Taxes

^$ 27,194

Style

Lot Size

0.75

Year Built

1950

Town/City

Parchment

County/Region

Kalamazoo

MLS | Web ID

70486203

Features

General

Heating Hot Water

Cooling None

Garage Carport

Status Active Active

Year Built 1950

County Kalamazoo

Class MULTIFAMILY

Type Multi-Family

Municipality Parchment

Subdivision MI

Sale/Rent For Sale

Status Detail 0

Area Parchment (39025)

Primary City Parchment

Virtual Tour https://my.matterport.com/show/?m=MopZj3yixJ9

Directions North on Riverview Drive turn left on Thomas street.

City Parchment

School District Parchment School District

Financial Terms Cash Conventional

Legal Description PARCHMENT ADDITION N 26.4 FT LOT 9 & LOTS 10 11 12 13 & 14 BLK 2 *

DOM 119

Postal Code 49004

Price Per Sq Ft Total AG 136.22

Public Remarks Exceptional 24-unit apartment complex featuring 23 spacious 1-bedroom units and 1 2-bedroom unit across four solid brick

Exterior

Exterior Brick

Frontage 375

Lot Size Area 0.75

Lot Dimensions 249x134

Lot Description Sidewalks

Roads City/County Paved Street

Waterfront Y/N No

Interior

Total Number of Units 2

Fuel Type Natural Gas

* Excluded Features

List By

Adam Atwood

Listing Agent

Five Star Real Estate

Broker

atwoodproperties@gmail.com

Affordability Calculator

$12,872

Per Month

Monthly Principal & Interest: $10,606
Monthly Property Taxes: $2,266
Monthly Home Insurance: --

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Down Payment

Loan Term

Interest Rate

Yearly Property Taxes

Yearly 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

Trends
Schools

Multi-family listings in Parchment, MI

Average List Price ^$1,100,000

Percent of Sale Price 35%

About Parchment, MI

1,810 Population

-7% Since 2002

^$36,250 Median Income

39.55 Median Age

27% Households with Children

View more area information

Trends Information provided by ATTOM Data Solutions.

3953229 Elementary School

3953232 Middle School

Unknown High School High School

See complete school information

Pricing History

Date	Price	Price Change	Description
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 12,480 sqft and 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

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: 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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503 N Riverview Drive

Multi-Family Home for sale in Parchment, MI

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