503 N Riverview Dr - Apartments FOR SALE


Parchment, MI 49004
$1,700,000 USD
269-220-6416
503 N Riverview Dr, Parchment, MI for Sale
$1,700,000 USD
Apartments - FOR SALE
1/17
null | 8.35% Cap Rate

503 N Riverview Dr
Parchment, MI 49004


OVERVIEW

Exceptional 24-unit apartment complex featuring 21 spacious 1-bedroom units and 3 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 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.

FOR SALE DETAILS

PRICE

$1,700,000 USD

PRICE/SF

$69 USD /SF

# OF UNITS

24

PRICE/UNIT

$70,833

CAP RATE

8.35%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1950

PARKING SPACES

25

LAND DETAILS

LAND ACRES

0.74 AC

LAND SF

32,127 SF

ZONING

R-T RES

APN/PARCEL ID

06-02-110-081

ASK ABOUT THIS PROPERTY

Adam AtwoodFive Star Real EstateMore Info
269-220-6416

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Adam AtwoodFive Star Real EstateMore Info
269-220-6416

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.