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$ 699,900
Est. payment /mo
New
224 W Michael LN Addison, IL 60101
7 Beds
4 Baths
0.26 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12783253
Bedrooms 7
Year Built 1964
Annual Tax Amount $11,029
Tax Year 2025
Lot Size 0.260 Acres
Lot Dimensions 168X68X169X70
Property Sub-Type Two to Four Units
Property Description
INVESTORS, TAKE NOTICE! EXCELLENT OPPORTUNITY TO BUILD EQUITY AND UNLOCK SIGNIFICANT RENTAL INCOME POTENTIAL! This solid, all-brick four-unit building offers an excellent opportunity for investors looking to expand their portfolio and capitalize on the strong rental potential of the area. Featuring three spacious 2-bedroom units and one 1-bedroom unit, this fully occupied property offers an established rental income stream with considerable room for growth. One of the property's standout features is its durable all-brick construction, along with seven assigned parking spaces, providing convenient and designated parking for tenants. The building also features a common utility area, newer windows, and a roof reportedly replaced in 2018, along with updates to components of the boiler system. THE REAL OPPORTUNITY LIES IN THE UPSIDE! Current rents are well below the area's potential market rates, providing an opportunity for future income growth. While the property would benefit from cosmetic improvements, modernization, and general maintenance, these updates could help reposition the building, support higher rental rates, and increase its long-term value. Additional income opportunities may include installing coin-operated laundry equipment and evaluating existing rental arrangements. Whether you're an experienced investor seeking a value-add opportunity or looking to establish a long-term real estate investment, this property offers the combination of solid brick construction, multiple income-producing units, assigned parking, and substantial potential for improvement. FOUR UNITS, FOUR INCOME STREAMS, AND ONE GREAT OPPORTUNITY! Property is being sold strictly AS-IS. Bring your vision and unlock the potential this investment property has to offer!
Location
State IL
County Dupage
Area Addison
Zoning MULTI
Rooms
Basement None
Interior
Heating Natural Gas
Equipment CO Detectors, Water Heater-Gas
Fireplace N
Exterior
Roof Type Asphalt
Building
Dwelling Type Two to Four Units
Building Description Brick, No
Sewer Public Sewer
Water Public
Structure Type Brick
New Construction false
Schools
School District 4 , 4, 88
Others
Ownership Fee Simple
Special Listing Condition None
© 2026 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Esther Zamudio of Zamudio Realty Group