USAILAddison224 W Michael Ln
Listing image | Image 1

224 W Michael Ln, Addison, IL

House

For Sale

Listed price in listed location currency (USD).
$699,900

747

MLS® 12783253

  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential Income
Size -
Garage 
Taxes $11,029
Days Active 0
Lot Size 0.26 Acres
Approx. Age 1964
MLS® Number 12783253

Property Address: 224 W Michael Ln, Addison, IL, 60101-2641

Average square foot calculated using Size range provided by listing agent.

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!
MLS® Number12783253
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
Garage
Approx. Age1964
BasementNone
DrivewayAssigned, Yes, Owned
Garage Spaces
HeatNatural Gas
A/C

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Oct 12, 2026List Date
$699,900List Price
  • Commute

Commute

Starting Address
Destination Address
224 W Michael Ln, Addison, IL

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