$1,700,000

503 N Riverview Dr Parchment, MI 49004

Burke Acres Neighborhood

Estimated payment $11,015/month

Total Views 15,111
-- 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

0.75 Acres

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.
  • 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:

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

Source: Public Records

Average Home Value in this Area

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 $1,250,000 Chicago Title
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
Open $1,078,000 Balloon
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

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

MichRIC Information is deemed reliable but not guaranteed.
Copyright 2026 MichRIC, LLC. All rights reserved.

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