$1,700,000

503 N Riverview Dr Parchment, MI 49004

Burke Acres Neighborhood

Estimated payment $11,208/month

Total Views 5,767
-- Bed
-- Bath
-- Sq Ft
-- Price per Sq Ft

Highlights

  • 0.75 Acre Lot
  • Hot Water Heating System
  • Laundry Facilities
  • Corner Lot: Yes

About This Home

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.

Listing Agent

Adam Atwood

Five Star Real Estate License #6506047769 Listed on: 08/06/2025

Five Star Real Estate

Co-Listing Agent

Amanda Atwood

Five Star Real Estate

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $27,194

Year Built

  • Built in 1950

Lot Details

  • 0.75 Acre Lot
  • Lot Dimensions are 249x134
  • Corner Lot: Yes

Home Design

  • Brick Exterior Construction
  • Composition Roof

Basement

  • Basement Fills Entire Space Under The House

Parking

  • 25 Parking Spaces
  • Carport
  • Paved Parking

Utilities

  • No Cooling
  • Heating System Uses Natural Gas
  • Hot Water Heating System
  • Individual Gas Meter
  • Separate Water Meter
  • Shared Water Meter
  • Cable TV Available

Listing and Financial Details

  • The owner pays for trash collection, water, sewer, gas

Community Details

Overview

  • 4 Buildings
  • 2 Units

Amenities

  • Laundry Facilities

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$27,194

Year Built

Built in 1950

Lot Details

0

Listing Details

  • Property Sub-Type: 5+ Units
  • Property Type: Multi Family
  • New Construction: No
  • Year Built: 1950
  • Location Property Info:Property Sub-Type: 5+ Units
  • OfficeContract Info:List PriceSqFt2: 136.22
  • General Property Info:New Construction2: No
  • General Property Info:Lot Dimensions: 249x134
  • General Property Info:Waterfront3: No
  • General Property Info:Basement: Yes
  • Waterfront Options:Water Access YN: No
  • General Property Info:Total _pound_ Units: 2
  • General Property Info:Total _pound_ Bldgs: 4.0
  • Roofing:Composition: Yes
  • Substructure:Full: Yes
  • Heat Source:Natural Gas3: Yes
  • Util Avail at Street:Public Sewer: Yes
  • Util Avail at Street:Public Water: Yes
  • Lot Description:Corner Lot: Yes
  • Heat Type:Hot Water: Yes
  • Extras:Laundry Facility: Yes
  • Extras:Sep Gas Meter: Yes
  • Extras:Sep Water Meter: Yes
  • Laundry Features Common Area: Yes
  • Utilities Attached Electricity Connected: Yes
  • Utilities Attached Natural Gas Connected: Yes
  • Util Avail at Street Natural Gas Available: Yes
  • Utilities Attached Cable Connected: Yes
  • Utilities Attached Phone Connected: Yes
  • Sewer:Public Sewer5: Yes
  • Water:Public Water4: Yes
  • Remarks Misc: Public Remarks: 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.
  • Remarks Misc: Agent Only Remarks: Initial showing will be a sample set of 3-4 units. No full showings until under contract. Tenants pay cooking gas. Boiler Heat (one boiler per building) Tenants pay a utility fee monthly Carport Parking is $25/mo for tenants Rent in the unit description are an average, see attached rent roll
  • Special Features: VirtualTour
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Full
  • Basement: Yes

Exterior Features

  • Construction Materials: Brick
  • List Price: 1700000.0
  • Lot Features: Sidewalk, Corner Lot
  • Number of Buildings: 4
  • Road Surface Type: Paved
  • Roof: Composition
  • Waterfront: No
  • Access Feat:Accessibility Features2: No
  • Driveway Paved: Yes
  • Exterior Material:Brick: Yes

Garage/Parking

  • Attached Garage: No
  • Parking Features: Paved
  • Total Parking Spaces: 25.0
  • General Property Info:Total Parking Spaces: 25.0
  • Extras:Carports: Yes

Utilities

  • Cooling: None
  • Cooling: No
  • Heating: Hot Water
  • Heating: Yes
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Utilities: Natural Gas Available, Phone Connected, Natural Gas Connected, Electricity Connected, Cable Connected

Lot Info

  • Lot Size Acres: 0.75
  • Lot Size Area: 0.75
  • Lot Dimensions: 249x134
  • Lot Size Sq Ft: 32539.0

Rental Info

  • Owner Pays: Trash Collection, Water, Sewer, Gas
  • Tenant Pays: Electric, Gas

Multi Family

  • Number of Units Total: 2

Tax Info

  • Tax Annual Amount: 27194.3
  • Tax Year: 2024

Map

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $26,148 $363,100 $0 $0
2024 $19,137 $369,700 $0 $0
2023 $23,370 $354,800 $0 $0
2022 $14,991 $283,800 $0 $0
2021 $14,560 $267,600 $0 $0
2020 $14,123 $248,800 $0 $0
2019 $13,571 $195,400 $0 $0
2018 $11,826 $170,100 $0 $0
2017 -- $170,100 $0 $0
2016 -- $166,257 $0 $0
2015 -- $198,714 $0 $0
2014 -- $201,554 $0 $0
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/06/2025 08/06/25 For Sale $1,700,000 -- --
Source: MichRIC

Purchase History

Date Type Sale Price Title Company
Warranty Deed -- Devon Title
Quit Claim Deed -- Devon Title Company
Quit Claim Deed -- None Available
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Previous Owner $100,000 Future Advance Clause Open End Mortgage
Previous Owner $100,000 Commercial
Source: Public Records

Source: MichRIC

MLS Number: 25039540

MichRIC

APN: 06-02-110-081

Michigan Kalamazoo County Parchment 49004 Burke Acres

503 N Riverview Dr, Parchment, MI

For Sale

MultiFamily

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MichRIC Information is deemed reliable but not guaranteed.
Copyright 2025 MichRIC, LLC. All rights reserved.

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Adam Atwood
Listing Agent
Adam Atwood
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Five Star Real Estate
(269) 247-5254