503 N Riverview Drive, Parchment, MI 49004 (MLS# 25039540)
503 N Riverview Drive, Parchment, MI 49004
New Listing
$1,700,000
Property Type:
Multi Family
Lot Size (sq. ft.):
32,539
Status:
Active
Current Price:
$1,700,000
List Date:
8/06/2025
Last Modified:
8/06/2025
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.
More Information MLS# 25039540
Location Property Info
County: Kalamazoo
Street #: 503
Street Direction: N
Street Name: Riverview
Suffix: Drive
State: MI
Zip Code: 49004
Area: Greater Kalamazoo - K
OfficeContract Info
Status: Active
Current Price: $1,700,000
List Price: $1,700,000
Listing Date: 2025-08-06
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
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
Remarks Misc
Directions: North on Riverview Drive, turn left on Thomas street.
Waterfront Options
Water Access Y/N: No
Access Feat
Accessibility Features: No
Unit 1
Unit Description: 23 1-Bedrooms
Identical Units: 23
SqFt: 601
Occupied: Yes
Monthly Rent: 818
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 2
Unit Description: 2 Bedroom
SqFt: 601
Occupied: No
Monthly Rent: 900
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
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: August - 06 - 2025
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