503 N Riverview Drive, Parchment, MI 49004 (MLS# 25039540)
503 N Riverview Drive, Parchment, MI 49004
$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:
12/03/2025
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
Cross Streets: Thomas and W Glenguile Ave
Property Sub-Type: 5+ Units
Municipality: Parchment City
Office/Contract Info
Auction or For Sale: For Sale
List Price/SqFt: 136.22
General Property Info
New Construction: No
Lot Dimensions: 249x134
Road Frontage: 375
Waterfront: No
Basement: Yes
Total # Units: 2
# of Diff Unit Floor Plans: 3
Total # Bldgs: 4
Total Approx. SqFt All Bldgs: 12480
Total Parking Spaces: 25
School District: Parchment
Lot Measurement: Acres
Lot Square Footage: 32539
Lot Acres: 0.75
Year Built: 1950
Tax Info
Taxable Value: 369700
SEV: 369700
For Tax Year: 2024
Seller's Annual Property Tax: 27194.3
Tax Year: 2024
Homestead %: 0
Spec Assessment & Ty: None Known
Tax ID #: 06-02-110-081
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 *
Waterfront Options
Water Access Y/N: No
Lot Description
Corner Lot: 1
Sidewalk: 1
Street Type
Paved: 1
Public: 1
Util Avail at Street
Natural Gas Available: 1
Public Sewer: 1
Public Water: 1
Utilities Attached
Cable Connected: 1
Electricity Connected: 1
Natural Gas Connected: 1
Phone Connected: 1
Sewer
Public Sewer: 1
Water
Public Water: 1
Terms Available
Cash: 1
Conventional: 1
Mineral Rights
Unknown: 1
Laundry Features
Common Area: 1
Exterior Material
Brick: 1
Roofing
Composition: 1
Heat Source
Natural Gas: 1
Sale Conditions
None: 1
Heat Type
Hot Water: 1
Air Conditioning
None: 1
Access Feat
Accessibility Features: No
Tenant Pays
Electric: 1
Gas: 1
Driveway
Paved: 1
Substructure
Full: 1
Extras
Carports: 1
Laundry Facility: 1
Sep Electric Meter: 1
Sep Gas Meter: 1
Sep Water Meter: 1
Tenant Storage: 1
Owner Pays
Gas: 1
Sewer: 1
Trash Collection: 1
Water: 1
Unit 1
Unit Description: 23 1-Bedrooms
Identical Units: 23
SqFt: 601
Occupied: Yes
Monthly Rent: 818
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Carport: 1
Deck/Patio: 1
Range Oven: 1
Refrigerator: 1
Unit 2
Unit Description: 2 Bedroom
SqFt: 601
Occupied: No
Monthly Rent: 900
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Carport: 1
Deck/Patio: 1
Range/Oven: 1
Refrigerator: 1
Possession
Close Of Escrow: 1
Subject To Tenant Rights: 1
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
Remarks Misc
Directions: North on Riverview Drive, turn left on Thomas street.
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: December - 03 - 2025
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