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  • $400,000

    7227 S Michigan Ave, Chicago, IL 60619

    6beds
    --sqft
    : 
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    Multi Family
    Built in 1916
    -- sqft lot
    $401,100 Zestimate®
    $--/sqft
    $-- HOA

    What's special

    Recently renovated interiors
    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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    172
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    12
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    Zillow last checked:

    Listing updated:

    Listed by:

    Colleen Berg 888-276-9959,

    Berg Properties

    Source: MRED as distributed by MLS GRID,MLS#: 12597509MLS Logo

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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

        $401,100

        $381,000 - $421,000

        $1,558/mo

        Price history

        DateEventPrice
        5/15/2026Listed for sale$400,000
        Source: MRED as distributed by MLS GRID #12597509 Report a problem
        5/12/2026Contingent$400,000
        Source: MRED as distributed by MLS GRID #12597509 Report a problem
        5/5/2026Listed for sale$400,000
        Source: MRED as distributed by MLS GRID #12597509 Report a problem
        4/29/2026Contingent$400,000
        Source: MRED as distributed by MLS GRID #12597509 Report a problem
        4/6/2026Price change$400,000-9.1%
        Source: MRED as distributed by MLS GRID #12597509 Report a problem
        3/21/2026Listed for sale$439,900+797.8%
        Source: MRED as distributed by MLS GRID #12597509 Report a problem
        2/16/2017Listing removed$1,150
        Source: Strata Management Report a problem
        1/13/2017Listed for rent$1,150
        Source: Strata Management Report a problem
        8/26/2016Sold$49,000
        Source: Public Record Report a problem
        5/5/2016Listed for sale--
        Source: Auction.com Report a problem

        Public tax history

        YearProperty taxesTax assessment
        2024-- $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

        Payment breakdown

        Explore the cost of this home by adjusting the details. Changes won't be saved.
        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.

        Climate risks

        Neighborhood: Park Manor

        Getting around

        82 / 100
        Very Walkable
        73 / 100
        Excellent Transit
        62 / 100
        Bikeable

        Nearby schools

        GreatSchools rating
        Schools provided by the listing agent
        • District: 299

        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.

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