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About the Listing 638 - 8423
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!
Listing Highlights for 224 W Michael Ln
Interior Details
- Bedrooms: 7
- Bathrooms: 4 Full
- Appliances: CO Detectors,Water Heater-Gas
- Air Cond:
- Heating: Natural Gas
- Fireplaces:
- Floor:
- Basement:
- Other:
- Water: Public
Exterior Details
- Garage Capacity: N/A
- Parking Spaces: 7
- Lot Dimensions: 168X68X169X70
- Zoning: MULTI
- Roof: Asphalt
- Others:
- Sewer: Public Sewer
- Parking Features: Assigned,Yes,Owned
Financial Details
- Tax Amount: $11,029
- Taxes w/Assessments: N/A
- Tax/Property ID: 0321305042
- Tax Year: 2025
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Monthly Payment
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Listing Location
Questions About..
224 W Michael Ln Addison, IL 60101
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