# 224 W Michael Lane, Addison, IL 60101 > **TL;DR:** 7bd/4ba residential multi family, $699,900, built 1964. Est. $3,743/mo. Listed 18 days. ## Property at a Glance | Attribute | Value | |-----------|-------| | Price | $699,900 | | Bedrooms | 7 | | Bathrooms | 4 full | | Year Built | 1964 | | Lot Size | 11,326 sqft (0.26 acres) | | Property Type | Residential Multi Family (Other) | | Status | Active | | Days on Market | 18 | ## Estimated Monthly Costs | Category | Amount | |----------|--------| | Principal & Interest (20% down, 30-year at 6.5%) | $3,539 | | Estimated Insurance | $204 | | **Total** | **$3,743** | ## Property Highlights - Built in 1964 - 0.26 acre lot - 7 parking spaces ## Description ### 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! ## Location - **Address:** 224 W Michael Lane, Addison, IL 60101 - **County:** DuPage - **Coordinates:** 41.937867, -87.9951 - **Google Maps:** https://www.google.com/maps?q=41.937867,-87.9951 ## Listing Agent - **Name:** Esther Zamudio - **Brokerage:** Zamudio Realty Group - **Broker Phone:** (847) 608-6600 - **Listing URL:** [View original listing](https://www.realtor.com/realestateandhomes-detail/224-W-Michael-Ln_Addison_IL_60101_M89924-08305?f=listhub&s=MREDIL&m=12783253&c=propsimple) ## Photos ![224 W Michael Lane - Photo 1](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f4270690278r.jpg) ![224 W Michael Lane - Photo 2](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f3595965383r.jpg) ![224 W Michael Lane - Photo 3](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f2846695576r.jpg) ![224 W Michael Lane - Photo 4](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f1367678654r.jpg) ![224 W Michael Lane - Photo 5](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f4057027891r.jpg) ![224 W Michael Lane - Photo 6](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f1230884896r.jpg) ![224 W Michael Lane - Photo 7](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f1644474803r.jpg) ![224 W Michael Lane - Photo 8](http://lh.rdcpix.com/bd208b2836abebe16c72bfc889d681bel-f1089973195r.jpg) --- **MLS#:** 12783253 | **Updated:** 2026-10-22 **Source:** listhub *Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.* [View on PropertySimple](https://www.propertysimple.ai/listing/224-w-michael-lane-addison-il-60101-2adb9b73d8fc4c99ace3c4ceee4519ee) --- ## Structured Data ```json { "@context": "https://schema.org", "@type": "RealEstateListing", "@id": "https://www.propertysimple.ai/listing/224-w-michael-lane-addison-il-60101-2adb9b73d8fc4c99ace3c4ceee4519ee#listing", "url": "https://www.propertysimple.ai/listing/224-w-michael-lane-addison-il-60101-2adb9b73d8fc4c99ace3c4ceee4519ee", "name": "224 W Michael Lane, Addison, IL 60101", "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. 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