About 503 N Riverview Drive
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.
Features of 503 N Riverview Drive
| MLS® # | 66025039540 |
|---|---|
| Price | $1,700,000 |
| Bathrooms | 0.00 |
| Acres | 0.75 |
| Year Built | 1950 |
| Type | Multifamily |
| Status | Active |
Community Information
| Address | 503 N Riverview Drive |
|---|---|
| Area | 39063 - Parchment |
| City | Parchment city |
| County | Kalamazoo |
| State | Michigan |
| Zip Code | 49004 |
Amenities
| Utilities | Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected |
|---|---|
| Parking | Paved, Carport |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Hot Water, Natural Gas |
|---|---|
| Fireplace | No |
Exterior
| Lot Description | Corner Lot |
|---|---|
| Construction | Brick |
School Information
| District | Parchment |
|---|
Additional Information
| Foreclosure | No |
|---|---|
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Five Star Real Estate |
|---|---|
| Contact Info | atwoodproperties@gmail.com |