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!
Active
$400,000
7227 S Michigan Ave, Chicago, IL 60619
6beds
--sqft
Multi Family
Built in 1916
-- sqft lot
$401,000 Zestimate®
$--/sqft
$-- HOA
What's special
Recently renovated interiors
- 205 days
- 97
- 14
Zillow last checked:
Listing updated:
Listed by:
Colleen Berg 888-276-9959,
Berg Properties
Source: MRED as distributed by MLS GRID,MLS#: 12597509
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
$401,000
$381,000 - $421,000
$1,793/mo
Price history
| Date | Event | Price |
|---|---|---|
| 5/15/2026 | Listed for sale | $400,000 |
Source: | ||
| 5/12/2026 | Contingent | $400,000 |
Source: | ||
| 5/5/2026 | Listed for sale | $400,000 |
Source: | ||
| 4/29/2026 | Contingent | $400,000 |
Source: | ||
| 4/6/2026 | Price change | $400,000-9.1% |
Source: | ||
| 3/21/2026 | Listed for sale | $439,900+797.8% |
Source: | ||
| 2/16/2017 | Listing removed | $1,150 |
Source: Strata Management Report a problem | ||
| 1/13/2017 | Listed for rent | $1,150 |
Source: Strata Management Report a problem | ||
| 8/26/2016 | Sold | $49,000 |
Source: Public Record Report a problem | ||
| 5/5/2016 | Listed for sale | -- |
Source: Auction.com Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2024 | $4,480 +32.7% | $22,300 +39.4% |
| 2023 | $3,376 +2.6% | $16,000 |
| 2022 | $3,291 +2.3% | $16,000 |
| 2021 | $3,217 -2.7% | $16,000 +7.7% |
| 2020 | $3,308 -2.4% | $14,850 -12% |
| 2019 | $3,390 -5.9% | $16,875 -7.4% |
| 2018 | $3,601 -22.6% | $18,231 -15.7% |
| 2017 | $4,655 +21.5% | $21,624 |
| 2016 | $3,831 +10% | $21,624 |
| 2015 | $3,482 +10.7% | $21,624 +10.7% |
| 2014 | $3,146 +2.4% | $19,526 |
| 2013 | $3,073 +0.6% | $19,526 |
| 2012 | $3,056 -15% | $19,526 -19.3% |
| 2011 | $3,595 -1.3% | $24,206 |
| 2010 | $3,643 +4.2% | $24,206 |
| 2009 | $3,497 -7.8% | $24,206 -14.4% |
| 2008 | $3,793 +39.5% | $28,286 |
| 2007 | $2,719 +40.2% | $28,286 |
| 2006 | $1,940 -3% | $28,286 +71.9% |
| 2005 | $2,000 +1.9% | $16,455 |
| 2004 | $1,963 +4.5% | $16,455 |
| 2003 | $1,879 -5.4% | $16,455 +27.7% |
| 2002 | $1,987 +5.7% | $12,881 |
| 2001 | $1,880 +32% | $12,881 |
| 2000 | $1,424 +0.2% | $12,881 +36.8% |
| 1999 | $1,421 | $9,413 |
Find assessor info on the county website
Monthly payment
Est. payment





