227 W Madison St

Ottawa, IL 61350

$510,000
Price
—
Beds
—
Baths
—Sq. Ft.
— / Sq. Ft.
—
Sq. Ft.
—
per Sq. Ft.
a front view of a house with a yard and garage
a view of an empty room
a kitchen with stainless steel appliances granite countertop a stove and a refrigerator
an empty room with wooden floor and windows
a kitchen with stainless steel appliances granite countertop a stove and a refrigerator
a room with a bed and utility room
an empty room with windows
an empty room with windows
a kitchen with stainless steel appliances granite countertop a stove and a refrigerator

Description

Attention Owners/Investors, Don't miss out on this 6400 sq ft 2 story building investment opportunity in historical downtown Ottawa and located one block from the courthouse and in the Heart of Strarved Rock Country. The first floor is 3200 sq ft and is currently vacant. Offering lots of large offices, soaring ceilings, conference room, entryway for that perfect greeter. Bathrooms and kitchen all on the first floor. A little elbow grease and some cosmetic work will have potential tenants knocking...Attention Owners/Investors, Don't miss out on this 6400 sq ft 2 story building investment opportunity in historical downtown Ottawa and located one block from the courthouse and in the Heart of Strarved Rock Country. The first floor is 3200 sq ft and is currently vacant. Offering lots of large offices, soaring ceilings, conference room, entryway for that perfect greeter. Bathrooms and kitchen all on the first floor. A little elbow grease and some cosmetic work will have potential tenants knocking down the door. The second floor is 3200 sq ft and is fully leased at. After your facelift of the first floor, the building value and income will increase. There is an elevator servicing both first and second floors. The building also has a full basement, half shared by each floor for more storage opportunity. Lower level currently available for rent. Two blocks from Illinois and Fox Rivers. This building has lots of possibilities such as office or possibly apts above a business. Come and check it out today!

Property Details for 227 West Madison Street

Area
Danway / Dayton / Naplate / Ottawa / Prairie Cent
Township
Ottawa
Air Conditioning Type
Central Air
Zoning
COMMR
LISTING UPDATED: 09/22/2025 12:07 AM

Property Details for 227 West Madison Street

StatusActive
MLS #12471823
Days on Market91
Taxes$11,835 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeCommercial Sale
Year Built1915
Lot Size0.07 AC / 3,200 SF
CountyLaSalle County

Location

Listing Courtesy of Spring Realty
Add your commute

Building Information for 227 West Madison Street

Stories2Residences2Year Built1915Lot Size0.07 AC / 3,200 SF

Payment Calculator

$3,506 per month

30 year fixed, 6.28% Interest

Principal and Interest

$2,520

Property Taxes

$986

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 227 West Madison Street

General Information
Location and General Information
  • Frontage Type: City Street
  • Geographic Locale: Southwest Suburban
  • Information: 24-Hr Notice Required,List Broker Must Accompany,No Sign on Property
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Central Air
  • Electric: Circuit Breakers
  • Heat/Ventilation: Forced Air
  • Misc Inside: Elevator/s Passenger,Public Restroom/s,Storage Inside,Basement
  • Num of Baths: 0.0
Exterior Features
  • # Of Apts: 0
Property/Lot Information
  • Owners Association: No
  • Tenant Pays: Other
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Lot Dimensions: 40X80
  • Lot Size Square Feet: 3200.0
  • Stories: 2
  • Fire Protection: Other
  • Building Area Total: 6400
  • # Of Offices: 10
  • # Of Stores: 2
  • Property Sub Type: Mixed Use
  • MRD_UNC: No
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 9
Miscellaneous
  • Current Use: Office
  • Location: Central Business District
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 2
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $.00
  • Gross Income: $2,432.00
  • Gross Scheduled Income: $29,184.00
  • Insurance Expense: $.00
  • Total Monthly Income: 2432
  • Net Operating Income: $.00
  • Operating Expense: $.00
  • Other Expense: $.00
  • Trash Expense: $.00
  • Water Sewer Expense: $.00

Property History for 227 West Madison Street

DateEvent & SourcePriceAppreciation
Sep 16, 2025

Listed (Active)

MRED #12471823

$510,000—
May 16, 2019

Sold

MRED #09990498

$325,000—
May 15, 2019

Sold (Public Record)

Public Record #1315455636

$325,000

+3.7% / yr

Jan 23, 2019

Pending

MRED #09990498

—
Jun 19, 2018

Listed (Active)

MRED #09990498

$380,000—
Feb 14, 2005

Sold (Public Record)

Public Record #1102227254

$195,000—
DateEvent & SourcePrice
09/16/2025

Listed (Active)

MRED #12471823

$510,000
05/16/2019

Sold

MRED #09990498

$325,000
05/15/2019

Sold (Public Record)

Public Record #1315455636

$325,000

+3.7% / yr

01/23/2019

Pending

MRED #09990498

—
06/19/2018

Listed (Active)

MRED #09990498

$380,000
02/14/2005

Sold (Public Record)

Public Record #1102227254

$195,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 227 West Madison Street

Taxable ValueLand$11,310Additions$103,607Total$114,917
Tax Record2024$11,835 ($986 / month)
Home Facts
Total Finished SqFt6,400 SqFtAbove Grade Finished SqFt6,400 SqFtStyleMiscellaneous CommercialYear Built1915CountyLASALLEAPN21-11-401-002

Schools near 227 West Madison Street

This home is within Ottawa Esd 141 School District.
Rating
School
Type
Grades
Distance
Lincoln Elementary School
Public - PK to 4
Shepherd Middle School
Public - 7 to 8
Ottawa Township High School
Public - 9 to 12
Jefferson Elementary School
Public - PK to 4
Rating
School
Distance
Lincoln Elementary School
PublicPK to 4

Shepherd Middle School
Public7 to 8

Ottawa Township High School
Public9 to 12

Jefferson Elementary School
PublicPK to 4

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Similar Sold Homes

Explore Nearby Homes

More information about 227 West Madison Street, Ottawa, IL 61350

227 West Madison Street is a mixed use property for sale in Ottawa, IL 61350. This property was listed for sale on September 16, 2025 by Spring Realty, it's currently listed at $510,000. It has been on the market for a total of 91 days and was last sold on May 16, 2019. This listing's school districts are Ottawa Esd 141 School District, Ottawa Twp Hsd 140 School District. Nearby schools include Lincoln Elementary School, Shepherd Middle School and Ottawa Township High School. 227 West Madison Street is a 0-bed, 0-bath, mixed use property built in 1915.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Spring Realty

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 09/22/2025 12:07 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.