O'Neil Property Group

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$699,900
2 Days On Site

224 W Michael Lane
Addison, IL 60101

For Sale|Multi Family|Active
7
Beds
4
Total Baths
1964
Built
County:
DuPage
Listing Courtesy of MRED as distributed by MLS Grid of Zamudio Realty Group
224 W Michael Lane224 W Michael Lane224 W Michael Lane224 W Michael Lane
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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!

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Listing Snapshot
Price 
$699,900
Days On Site 
2 Days
Bedrooms 
7
Inside Area (SqFt) 
N/A
Total Baths 
4
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
0.26 Acres
Year Built 
1964
MLS® Number 
12783253
Status 
Active
Property Tax 
$11,029
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
2 days agoListing updated with changes from the MLS®
2 days agoListing first seen on site
General Features
Acres 
0.26
Foundation 
Concrete Perimeter
Parking 
Assigned
Parking Spaces 
7
Property Sub Type 
Multi Family
Sewer 
Public Sewer
Water Source 
Public
Zoning 
MULTI
Interior Features
Basement 
None
Heating 
Natural Gas
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Exterior Features
Construction Details 
Brick
Other Structures 
Shed(s)
Roof 
Asphalt
Community Features
MLS Area 
Addison
School District 
88
Township 
Addison
Schools
School District
88
Elementary School
Unknown
Middle School
Unknown
High School
Unknown
Listing Courtesy of MRED as distributed by MLS Grid of Zamudio Realty Group



Based on information submitted to the MLS GRID as of 2026-10-15 01:20 AM UTC. 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.
Last checked: 2026-10-15 01:20 AM UTC
MRED DMCA Copyright Information Copyright © 2026 Midwest Real Estate Data LLC. All rights reserved.

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Source: Walkscore
Disclosure: Community information and market data powered by Constellation Data Labs. Information is deemed reliable but not guaranteed.
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