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    The Largest CRE Database in the US with Over 1 Million Listings

    1740-1760 S Fairview Ave Decatur, IL 62521

    Sponsored
    For Sale
    $2,350,000

    MULTI_FAMILY - Decatur, IL

    Days on Market:
    18
    Last Refresh:
    Jan 25 at 1:06 pm

    Property Features for 1740-1760 S Fairview Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 58, Bedroom 6, Bedroom 16, Bedroom 2, Bathroom 2, Bedroom 43, Bedroom 13, Bedroom 44, Bathroom 45, Bedroom 8, Bedroom 64, Bathroom 59, Bedroom 62, Bathroom 29, Bathroom 54, Bedroom 35, Bedroom 20, Bathroom 62, Bedroom 15, Bathroom 26, Bedroom 33, Bathroom 41, Bathroom 39, Bathroom 65, Bedroom 7, Bathroom 21, Bathroom 3, Bathroom 55, Bedroom 49, Bathroom 40, Bathroom 51, Bathroom 48, Bathroom 6, Bathroom 60, Bedroom 42, Bedroom 28, Bathroom 43, Bathroom 50, Bathroom 15, Bedroom 56, Bathroom 23, Bathroom 24, Bedroom 36, Bathroom 16, Bedroom 63, Bathroom 46, Bedroom 46, Bathroom 25, Bedroom 39, Bathroom 61, Bathroom 57, Bathroom 1, Bathroom 63, Bedroom 29, Bedroom 58, Bedroom 60, Bedroom 47, Bedroom 23, Bathroom 28, Bedroom 21, Bedroom 26, Bathroom 33, Bedroom 48, Bathroom 34, Bedroom 14, Bedroom 38, Bathroom 4, Bathroom 52, Bathroom 13, Bedroom 22, Bedroom 12, Bathroom 64, Bedroom 50, Bathroom 12, Bathroom 20, Bathroom 49, Bedroom 17, Bedroom 34, Bathroom 36, Bedroom 32, Bedroom 54, Bathroom 37, Bedroom 51, Bathroom 11, Bathroom 10, Bathroom 19, Bathroom 18, Bathroom 42, Bathroom 8, Bathroom 17, Bathroom 35, Bedroom 18, Bedroom 10, Bathroom 7, Bedroom 40, Bathroom 30, Bathroom 31, Bathroom 53, Bedroom 53, Bedroom 65, Bedroom 5, Bathroom 27, Bedroom 31, Bedroom 30, Bathroom 47, Bathroom 22, Bedroom 24, Bedroom 27, Bedroom 41, Bedroom 19, Bathroom 32, Bedroom 25, Bathroom 44, Bedroom 61, Bedroom 55, Bedroom 9, Bedroom 45, Bedroom 4, Bathroom 38, Bathroom 9, Bedroom 52, Bathroom 14, Bedroom 1, Bedroom 11, Bedroom 59, Bedroom 37, Bathroom 56, Bedroom 57, Bathroom 5, Bedroom 3
    Bedrooms
    65
    APN
    041221428010

    Building Details

    Year built
    1979
    Floors in Building
    3
    Number of units
    61
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Nate Evans

    eXp Realty, LLC (888) 574-9405

    Listing agent Nate Evans (217) 239-7113

    Listing date Jan 8, 2026

    MLS# 12309051 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    65-Unit Multifamily Investment Opportunity

    This 65-unit residential property presents a prime investment opportunity, strategically located approximately 1.5 miles from Millikin University. The property currently features a 7.71% cap rate and a GRM of 6.95, priced according to existing income figures which reflect a 66% occupancy rate, suggesting considerable upside for investors. Recent renovations have been completed. The units offer modern living spaces that appeal to both students and local residents, enhancing rental prospects. Value-add opportunities include increasing occupancy to boost revenue and returns, as well as completing the laundry room to enhance tenant satisfaction and generate additional income. This property represents a turnkey opportunity with immediate income and long-term appreciation potential, suitable for both experienced investors and those looking to expand their portfolios. It offers a chance to acquire a high-yield asset in a desirable location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Nail Salon Pharmacy Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Macon
    State
    Illinois
    Longitude
    -88.97648
    Latitude
    39.822376

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    FAQs

    What type of property is this?
    Apartment building - High-yield multifamily property near Millikin University with value-add potential.
    Where is this apartment building located?
    The property is located at 1740-1760 S Fairview Ave Decatur, IL.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: - Strong income potential with a current cap rate of 7.71% and a GRM of 6.95.; - Significant value-add opportunity through increased occupancy from the current 66%.; - Prime location just 1.5 miles from Millikin University, attracting students and local residents.
    (217) 239-7113
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1740-1760 S Fairview Ave Decatur, IL 62521
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    We can help!
    Listing Contact
    Nate Evans
    Real Estate License ID: 475124281
    (217) 239-7113
    Learn more
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