503 N Riverview Drive Parchment, MI 49004
0.75 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type 5+ Units
Listing Status Active
Purchase Type For Sale
Municipality Parchment City
MLS Listing ID 25039540
Year Built 1950
Annual Tax Amount $27,194
Tax Year 2024
Lot Size 0.747 Acres
Acres 0.75
Lot Dimensions 249x134
Property Sub-Type 5+ Units
Source Michigan Regional Information Center (MichRIC)
Property Description
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 Greater Kalamazoo - K
Direction North on Riverview Drive, turn left on Thomas street.
Rooms
Basement Full
Interior
Heating Hot Water
Cooling None
Fireplaces Number 4
Laundry Common Area
Exterior
Parking Features Paved
Utilities Available Natural Gas Available, Phone Connected, Natural Gas Connected, Electricity Connected, Cable Connected
View Y/N No
Roof Type Composition
Street Surface Paved
Total Parking Spaces 25
Building
Lot Description Sidewalk, Corner Lot
Sewer Public Sewer
Structure Type Brick
New Construction No
Schools
School District Parchment
Others
Tax ID 06-02-110-081
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional