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
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
Interior
Heating Hot Water
Laundry 1
Exterior
Garage Spaces 25.0
Roof Type Composition
Building
Sewer Public Sewer (Sewer-Sanitary),Sewer at Street
Water Public (Municipal)
Structure Type Brick
Schools
School District Parchment
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional