503 N Riverview DR Active Save Request In-Person Tour Request Virtual Tour
Parchment,MI 49004
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 12,480 sqft
Price per Sqft $136
MLS Listing ID 66025039540
Year Built 1950
Property Sub-Type MultiFamily
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 Area39063Parchment
Interior
Heating HotWater, NaturalGas
Laundry CommonArea
Exterior
Parking Features Paved,Carport
Community Features Sidewalks
Utilities Available CableConnected, ElectricityConnected, NaturalGasConnected, PhoneConnected, SewerConnected
View Y/N No
Roof Type Composition
Building
Lot Description CornerLot
Sewer PublicSewer, SewerAtStreet
Water Public
Schools
School District Parchment
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional