Turnkey Investment Opportunity - Fully Updated 2-Unit Building in Chatham/Park Manor Welcome to 7227 Michigan Ave-an exceptional opportunity to own a newly updated, income-producing building in the sought-after Chatham/Park Manor neighborhood. This well-maintained property features three spacious 3-bedroom, 1-bathroom apartments, making it ideal for investors seeking strong rental income or owner-occupants looking to live in one unit while generating revenue from the others. Each unit has been recently renovated with modern finishes, including beautiful hardwood floors throughout and updated kitchens with sleek granite countertops. The thoughtful upgrades and solid layout appeal to today's renters, helping ensure consistent occupancy and long-term value. The property also offers on-site laundry facilities (pay laundry), providing an additional income stream and added convenience for tenants. Investment Highlights: 3-unit residential building Each unit: 3 bedrooms, 1 bathroom Recently renovated interiors Hardwood flooring throughout all units Updated kitchens with granite countertops Strong rental demand in established neighborhood On-site coin/pay laundry for additional income Location Advantages: Ideally situated near Deneen Elementary School, Aldi, and L&P Foods, the property is perfectly positioned for tenant convenience. Excellent access to public transportation-including the Red Line and #3 bus route-as well as nearby expressways, makes commuting throughout the city simple and efficient. Additional Notes: Strong rental area with consistent demand Ideal for both seasoned investors and first-time buyers Whether you're expanding your portfolio or entering the investment market, 7227 Michigan Ave offers a compelling combination of location, updates, and income potential. Don't miss this opportunity to acquire a stabilized, income-generating asset in a growing neighborhood-schedule your showing today!
111 days
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Zillow last checked:
Listing updated:
Listed by:
Colleen Berg888-276-9959,
Berg Properties
Source: MRED as distributed by MLS GRID,MLS#: 12597509
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Facts & features
Interior
Bedrooms & bathrooms
Bedrooms: 6
Bathrooms: 2
Full bathrooms: 2
Heating
Natural Gas
Features
Basement: Unfinished,Full
Property
Lot
Size: 4,800 Square Feet
Details
Parcel number: 20271080090000
Special conditions: None
Construction
Type & style
Home type: MultiFamily
Property subtype: Multi Family
Materials
Brick
Condition
New construction: No
Year built: 1916
Major remodel year: 2025
Utilities & green energy
Sewer: Public Sewer
Water: Lake Michigan
Community & HOA
Location
Region: Chicago
Financial & listing details
Tax assessed value: $223,000
Annual tax amount: $3,376
Date on market: 3/21/2026
Ownership: Fee Simple
Estimated market value
Zestimate®
$401,100
Estimated sales range
$381,000 - $421,000
Rent Zestimate®
$1,558/mo
Price history
Date
Event
Price
5/15/2026
Listed for sale
$400,000
Source: MRED as distributed by MLS GRID #12597509Report a problem
5/12/2026
Contingent
$400,000
Source: MRED as distributed by MLS GRID #12597509Report a problem
5/5/2026
Listed for sale
$400,000
Source: MRED as distributed by MLS GRID #12597509Report a problem
4/29/2026
Contingent
$400,000
Source: MRED as distributed by MLS GRID #12597509Report a problem
4/6/2026
Price change
$400,000-9.1%
Source: MRED as distributed by MLS GRID #12597509Report a problem
3/21/2026
Listed for sale
$439,900+797.8%
Source: MRED as distributed by MLS GRID #12597509Report a problem
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Principal & interest
$1,547
Mortgage insurance
$0
Property taxes
$170
Home insurance
$105
HOA fees
$0
Utilities
Not included
All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
Source: MRED as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.