503 N Riverview Dr Parchment, MI 49004
Estimated payment $11,574/month
Highlights
- 0.75 Acre Lot
- Corner Lot: Yes
- Laundry Facilities
- 4 Fireplaces
- Hot Water Heating System
About This Home
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.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $27,194
Year Built
- Built in 1950
Lot Details
- 0.75 Acre Lot
- Lot Dimensions are 249x134
- Corner Lot: Yes
Home Design
- Brick Exterior Construction
- Composition Roof
Interior Spaces
- 4 Fireplaces
- Basement Fills Entire Space Under The House
Parking
- 25 Parking Spaces
- Carport
- Paved Parking
Utilities
- No Cooling
- Heating System Uses Natural Gas
- Hot Water Heating System
- Shared Gas Meter
- Separate Water Meter
- Shared Water Meter
- Cable TV Available
Listing and Financial Details
- The owner pays for trash collection, water, sewer, gas
Community Details
Overview
- 4 Buildings
- 2 Units
Amenities
- Laundry Facilities
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $19,137 | $363,100 | $0 | $0 |
| 2024 | $19,137 | $369,700 | $0 | $0 |
| 2023 | $23,370 | $354,800 | $0 | $0 |
| 2022 | $14,991 | $283,800 | $0 | $0 |
| 2021 | $14,560 | $267,600 | $0 | $0 |
| 2020 | $14,123 | $248,800 | $0 | $0 |
| 2019 | $13,571 | $195,400 | $0 | $0 |
| 2018 | $11,826 | $170,100 | $0 | $0 |
| 2017 | -- | $170,100 | $0 | $0 |
| 2016 | -- | $166,257 | $0 | $0 |
| 2015 | -- | $198,714 | $0 | $0 |
| 2014 | -- | $201,554 | $0 | $0 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/06/2025 08/06/25 | For Sale | $1,700,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | Devon Title | |
| Quit Claim Deed | -- | Devon Title Company | |
| Quit Claim Deed | -- | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $1,125,000 | New Conventional | |
| Closed | $545,735 | Commercial | |
| Previous Owner | $100,000 | Future Advance Clause Open End Mortgage | |
| Previous Owner | $100,000 | Commercial |
Source: Southwestern Michigan Association of REALTORS®
MLS Number: 25039540
APN: 06-02-110-081
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