503 N Riverview Drive Active Save Request In-Person Tour Request Virtual Tour
Parchment,MI 49004
Key Details
Property Type Multi-Family
Sub Type 5+ Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25039540
Year Built 1950
Annual Tax Amount $27,194
Tax Year 2024
Lot Size 0.747 Acres
Property Sub-Type 5+ Units
Property Description
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.
Location
State MI
County Kalamazoo
Area Greater Kalamazoo - K
Interior
Heating Hot Water
Cooling None
Fireplaces Number 4
Laundry Common Area
Exterior
Parking Features Paved
Utilities Available Natural Gas Available,Phone Connected,Natural Gas Connected,Electricity Connected,Cable Connected
View Y/N No
Roof Type Composition
Building
Lot Description Sidewalk,Corner Lot
Sewer Public Sewer
Structure Type Brick
New Construction No
Schools
School District Parchment
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional