2490 N Water St - Retail FOR SALE


Decatur, IL 62526
$3,450,000 USD
217-454-8800
2490 N Water St, Decatur, IL for Sale
$3,450,000 USD
Retail - FOR SALE
1/24
null | 8.78% Cap Rate

2490 N Water St
Decatur, IL 62526


HIGHLIGHTS

  • 93% occupancy rate
  • 55,297 Square Feet Finished
  • 83 units (70 - apartments & 13 - business suites)
  • Built in 1975-1979

OVERVIEW

Logan Square is a legacy mixed-use investment property situated in the heart of Decatur, Illinois on U.S. Route 51 (Water Street). Developed between 1975 and 1979, the 4.51-acre complex consists of three buildings: one mixed-use building with residential apartments and street-level commercial suites, along with two additional residential buildings. The property includes 70 residential units and 13 commercial suites, offering a diversified income stream across 83 total units. The property has remained under the same original ownership since its construction, presenting a rare opportunity to acquire a locally established asset for the first time in nearly five decades. Logan Square benefits from a central location with public transportation access and close proximity to shopping, restaurants, medical facilities, schools, and other essential services. Its established operating history, affordable unit mix, and potential for continued rent and occupancy growth make it an attractive value-add investment in the Decatur market.

FOR SALE DETAILS

PRICE

$3,450,000 USD

PRICE/SF

$1,568 USD /SF

CAP RATE

8.78%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Logan Square - Multifamily / Mixed Use

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1975

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

O1

APN/PARCEL ID

04-12-02-301-001

ASK ABOUT THIS PROPERTY

Zane PetersonMain Place Real EstateMore Info
217-454-8800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Zane PetersonMain Place Real EstateMore Info
217-454-8800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.