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
503 N Riverview Drive, Parchment, MI 49004
$1,700,000
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: December - 03 - 2025
The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of MICHRIC , and site contains live data. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
