503 N Riverview Drive
Parchment, MI 49004

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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.

Features

• Property Type: Multi Family Home
• Sub Type: Multi Family
• Listing Status: Active
• County/Area: Kalamazoo County
• Zip Code: 49004
• Year Built: 1950
• School District: Parchment
• Units: 2 units
• Basement: Full, Yes, Yes
• # of Parking Spaces: 25
• Lot Size: 0.747 acres
• Construction Materials: Brick
• Cross Street: Thomas and W Glenguile Ave
• Directions: North on Riverview Drive, turn left on Thomas street.
• Driveway: Paved
• Extras: Carports, Laundry Facility, Sep Electric Meter, Sep Gas Meter, Sep Water Meter, Tenant Storage
• Heat Source: Natural Gas
• Heat Type: Hot Water
• Heating: Hot Water
• Laundry Features: Common Area
• Lot Description: Corner Lot, Sidewalk
• Lot Features: Corner Lot, Sidewalk
• Lot Size Area: 0.75
• Lot Size Square Feet: 32539
• Lot Size Units: Acres
• MLS Area Major: Greater Kalamazoo - K
• MLS Area Minor: Greater Kalamazoo - K
• Main Type: Multi Family
• Number Of Buildings: 4
• Number Of Diff Unit Floor Plans: 3
• Owner Pays: Gas, Sewer, Trash Collection, Water
• Parcel Number: 06-02-110-081
• Parking Features: Paved
• Possession: Close Of Escrow, Subject To Tenant Rights
• Road Frontage: 375
• Road Surface Type: Paved
• Roof: Composition
• SEV: 369700
• Sewer: Public Sewer
• Spec Assessment Ty: None Known
• Street Type: Paved, Public
• Tax Annual Amount: 27194.3
• Tax Legal Description: PARCHMENT ADDITION N 26.4 FT LOT 9 & LOTS 10, 11, 12, 13, & 14 BLK 2 *
• Tax Year: 2024
• Tenant Pays: Electricity, Gas
• Terms Available: Cash, Conventional
• Total Approx Sq Ft All Bldgs: 12480
• Township: Parchment City
• Util Availat Street: Natural Gas Available, Public Sewer, Public Water
• Utilities: Cable Connected, Natural Gas Connected, Phone Connected, Electricity Connected, Natural Gas Available
• Water Access: No
• Water Source: Public Water