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503 N Riverview Dr 24 Unit Apartment Building $1,700,000 ($70,833/Unit) 8.35% Cap Rate Parchment, MI 49004
Executive Summary
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.
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.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,700,000 | Apartment Style | Garden |
| Price Per Unit | $70,833 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.74 AC |
| Cap Rate | 8.35% | Building Size | 24,536 SF |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | ||
| Zoning | R-T RES | ||
| Price | $1,700,000 |
| Price Per Unit | $70,833 |
| Sale Type | Investment |
| Cap Rate | 8.35% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.74 AC |
| Building Size | 24,536 SF |
| No. Stories | 3 |
| Year Built | 1950 |
| Zoning | R-T RES |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Oven
- Range
- Breakfast Nook
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Gas Range
- Walk-Up
Property Taxes
| Parcel Number | 06-02-110-081 | Improvements Assessment | $0 (2025) |
| Land Assessment | $0 (2025) | Total Assessment | $363,100 (2025) |
Property Taxes
Parcel Number
06-02-110-081
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$363,100 (2025)
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503 N Riverview Dr
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