503 N Riverview Drive, Parchment, MI 49004 (MLS# 25039540)

503 N Riverview Drive, Parchment, MI 49004

$1,700,000

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https://my.matterport.com/show/?m=MopZj3yixJ9

Property Type: Multi Family Lot Size (sq. ft.): 32,539 Status: Active

Current Price: $1,700,000 List Date: 8/06/2025 Last Modified: 3/24/2026

Overview

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.

Listing Details MLS# 25039540

Location Property Info

County: Kalamazoo
Street #: 503
Street Direction: N
Street Name: Riverview
Suffix: Drive
State: MI
Zip Code: 49004

General Property Info

Lot Measurement: Acres
Lot Square Footage: 32539
Lot Acres: 0.75
Lot Dimensions: 249x134
Year Built: 1950
New Construction: No
Road Frontage: 375
Total # Units: 2
# of Diff Unit Floor Plans: 3
Total # Bldgs: 4
Total Approx. SqFt All Bldgs: 12480
Total Parking Spaces: 25
Waterfront: No
School District: Parchment
Basement: Yes

Tax Info

Tax ID #: 06-02-110-081
Taxable Value: 369700
SEV: 369700
For Tax Year: 2024
Seller's Annual Property Tax: 27194.3
Tax Year: 2024
Spec Assessment & Ty: None Known
Homestead %: 0

Remarks Misc

Directions: North on Riverview Drive, turn left on Thomas street.

Waterfront Options

Water Access Y/N: No

More Information

Access Feat

Accessibility Features: No

Unit 1

Unit Description: 23 1-Bedrooms
Identical Units: 23
SqFt: 601
Occupied: Yes
Monthly Rent: 818
Bathrooms: Yes
Full Baths: Yes
Carport: Yes
Deck/Patio: Yes
Range Oven: Yes
Refrigerator: Yes

Unit 2

Unit Description: 2 Bedroom
SqFt: 601
Occupied: No
Monthly Rent: 900
Bathrooms: Yes
Full Baths: Yes
Carport: Yes
Deck/Patio: Yes
Range/Oven: Yes
Refrigerator: Yes

Location & Property Info

Cross Streets: Thomas and W Glenguile Ave
Property Sub-Type: 5+ Units
Area: Greater Kalamazoo - K
Municipality: Parchment City

Office/Contract Info

Auction or For Sale: For Sale
List Price/SqFt: 136.22

Remarks & Misc

Public Remarks: 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.
Legal: PARCHMENT ADDITION N 26.4 FT LOT 9 & LOTS 10,11,12,13, & 14 BLK 2 *

Lot Description

Corner Lot: Yes
Sidewalk: Yes

Street Type

Paved: Yes
Public: Yes

Util Avail at Street

Natural Gas Available: Yes
Public Sewer: Yes
Public Water: Yes

Utilities Attached

Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes
Phone Connected: Yes

Sewer

Public Sewer: Yes

Water

Public Water: Yes

Terms Available

Cash: Yes
Conventional: Yes

Mineral Rights

Unknown: Yes

Laundry Features

Common Area: Yes

Exterior Material

Brick: Yes

Roofing

Composition: Yes

Heat Source

Natural Gas: Yes

Sale Conditions

None: Yes

Heat Type

Hot Water: Yes

Air Conditioning

None: Yes

Tenant Pays

Electric: Yes
Gas: Yes

Driveway

Paved: Yes

Substructure

Full: Yes

Extras

Carports: Yes
Laundry Facility: Yes
Sep Electric Meter: Yes
Sep Gas Meter: Yes
Sep Water Meter: Yes
Tenant Storage: Yes

Owner Pays

Gas: Yes
Sewer: Yes
Trash Collection: Yes
Water: Yes

Possession

Close Of Escrow: Yes
Subject To Tenant Rights: Yes

Property Features

Laundry Features: Common Area Exterior Material: Brick Roofing: Composition Substructure: Full Lot Description: Corner Lot; Sidewalk Sewer: Public Sewer Water: Public Water Utilities Attached: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected Util Avail at Street: Natural Gas Available; Public Sewer; Public Water Extras: Carports; Laundry Facility; Sep Electric Meter; Sep Gas Meter; Sep Water Meter; Tenant Storage Owner Pays: Gas; Sewer; Trash Collection; Water Tenant Pays: Electric; Gas Heat Source: Natural Gas Heat Type: Hot Water Air Conditioning: None Driveway: Paved Street Type: Paved; Public Mineral Rights: Unknown Terms Available: Cash; Conventional Possession: Close Of Escrow; Subject To Tenant Rights Sale Conditions: None Unit 1: Carport; Deck/Patio; Range Oven; Refrigerator Unit 2: Carport; Deck/Patio; Range/Oven; Refrigerator

Listing Office: Five Star Real Estate

Listing Agent: Adam Atwood

Last Updated: March - 24 - 2026

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