503 N Riverview Drive Active Save Request In-Person Tour Request Virtual Tour
Parchment,MI 49004
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 66025039540
Bedrooms 2
Year Built 1950
Annual Tax Amount $27,194
Lot Size 0.750 Acres
Acres 0.75
Lot Dimensions 249x134
Source Greater Kalamazoo Association of REALTORS®
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 Parchment
Direction North on Riverview Drive, turn left on Thomas street.
Interior
Interior Features Other,Laundry Facility,Cable Available
Heating Hot Water
Fireplace no
Heat Source Natural Gas
Laundry 1
Exterior
Garage Spaces 25.0
Roof Type Composition
Road Frontage Paved,Pub. Sidewalk
Garage no
Private Pool No
Building
Sewer Public Sewer (Sewer-Sanitary),Sewer at Street
Water Public (Municipal)
Structure Type Brick
Schools
School District Parchment
Others
Pets Allowed Yes
Tax ID 0602110081
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Financing Cash,Conventional