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224 W Michael Ln , Addison, IL 60101
$699,900
Est. Payment: $3,819.64/mo
7 Bed
4 Bath
0.26 Acres
Status: active | Days on site: 7
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House 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!

Highlights

Listed by Esther Zamudio , 847-508-7500 Zamudio Realty Group , 847-608-6600. Midwest Real Estate Data mls logo

Property Type

Multi-Family

Lot/Acreage
0.26

Year Built

1964

County

DuPage

Area

Addison

School District

4

Listing ID

12783253

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Interior Features

Bedrooms and Bathrooms
  • ▪ Bedrooms:7
  • ▪ Bathrooms:4
Appliances:CO Detectors,Water Heater-Gas
Water:Public

Exterior Features

Lot Dimensions:168X68X169X70
Garage Capacity:7
Zoning:MULTI
Roof:Asphalt
Sewer:Public Sewer
Parking Features:Assigned,Yes,Owned
Principal Interest
$3,820
Taxes
$919

Home Price

$699,900

Loan Details

30 yrs
7.25%

Down Payment

20%
$139,980
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$3,819.64

Principal

Taxes

Principal Taxes HOA Total
Monthly $3,819.64 $919.08 $0.00 $4,738.72
Yearly $45,835.70 $11,029.00 $0.00 $56,864.70
Total $1,375,070.91 $330,870.00 $0.00 $1,705,940.91
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Master Chief
Lender
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Market insight data is pulled from the same city as the listing being viewed (Addison, IL).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Based on information submitted to the MRED as of the date listed below. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers' personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end user license agreement prescribed by the Member Participant's applicable MLS if any and as amended from time to time.

Based on information submitted to the MLS GRID as of the date listed below. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers' personal non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID, and that the use of the MLS GRID Data may be subject to an end user license agreement prescribed by the Member Participant's applicable MLS if any and as amended from time to time. MLS GRID may, at its discretion, require use of other disclaimers as necessary to protect Member Participant, and/or their MLS from liability. Some listings have been excluded from this website.

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Data last updated: 2026-10-27T06:57:04.000Z

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