503 N Riverview Drive, Parchment, MI 49004
- Bedrooms
- Bathrooms
- SQ. FT.
- Schools Parchment
- County Kalamazoo
- Township Parchment City
- Above Grade Sq. Ft.
- Below Grade Sq. Ft.
- Bedrooms
- Bathrooms
- Basement Full
- Garage
- Acreage 0.75
- Heat Type Hot Water
- Central Air None
- Year Built 1950
- Style
- Exterior
- Taxes
- SEV 369700
- Zoning
- Parcel 06-02-110-081
- Lot Size 249x134
Features
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.
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