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$1,700,000

503 N Riverview Drive
Parchment, Michigan 49004

Active / MLS #25039540 / Multiple Family / Parchment
Listing information updated 12/3/2025 at 10:22am
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.
Exterior Type:
Brick
Basement:
Full
Water Front:
No
Square Feet:
N/A
Lot Size:
0.75 Acres
Acreage:
0.75
Built:
1950
Parking Spaces:
25
Cooling System:
None
Roof:
Composition
Tax Amount:
$27,194
Tax Year:
2024
Zip Code:
49004
City:
Parchment
County:
Kalamazoo

Listing Office: Five Star Real Estate

Listing Office Phone: 269.377.4589

Disclaimer: The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of SWMRIC, LLC. Real estate listings held by brokerage firms other than @properties are marked with the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers.

Parchment, MI

The city of Parchment is located in Kalamazoo County, Michigan. It has an overall population of 1,800. The community...
$238,276
Average Sale Price
21
Average Days On The Market
96%
Sales Prices VS. List Price
Data represents the community area’s average over the past 12 months. All information deemed reliable, but not guaranteed.
Map of 503 N Riverview Drive, Parchment, MI 49004
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503 N Riverview Drive, Parchment, MI 49004 is a multiple family currently listed at $1,700,000. This multiple family has been listed on @properties Christie's International Real Estate since August 6th, 2025 and was built in 1950.

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