$1,700,000

503 N Riverview Drive, Parchment, MI 49004

  • 12,480 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1950
  • Property Lot Size Icon0.75acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $136/sqft
  • Property List Date Icon Listed 4 months ago

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.

Listing Status:
Active
Listing Office:
Five Star Real Estate : 269-377-4589
Listing Agent:
Adam Atwood : 269-377-4589
MLS ID:
70486203
  • Laundry: Common Area
  • A/C: None
  • Heating: Hot Water
  • General: BrickBasement
  • Road/Access: City/County
  • Originating MLS: MiRealSource
  • School District: Parchment School District
  • County: Kalamazoo
  • Zoning: PARCHMENT ADDITION N 26.4 FT LOT 9 & LOTS 10111213& 14 BLK 2 *
  • Source: MiRealSource

This listing courtesy of Adam Atwood, Five Star Real Estate

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

P

Parchment Central Elementary School

516 N Orient St, Kalamazoo, MI, 49004

Grades PK-3

0.43 miles away

P

Parchment Middle School

307 N Riverview Dr, Kalamazoo, MI, 49004

Grades 6-8

0.16 miles away

P

Parchment High School

1916 E G Ave, Kalamazoo, MI, 49004

Grades 8-12

0.58 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.