Automotive Garage With Adjoining
For Sale
Contact for pricing
1058 North Water Street, Decatur, IL 62523
B2-zoned property includes a service garage and additional land for commercial use.
Property Size2,127 SF
Lot Size0.66 Acres
Price / SF$72.87
Days on Market12
Property Features for 1058 North Water Street
General Information
Standard status
Active
Size
2,127 SF
Lot size
0.66 Acres
Property subtype
Retail
Zoning
B2
Site & Location
Traffic Count
11,500 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1968
Listing Agency:
Main Place Real Estate
(217) 454-8800
Listed By:
Zane Peterson · License #471020044
Source:
Crexi
Added: Aug 5
Changed: Aug 15
Last Checked: Aug 14 at 9:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Main Place Real Estate
Investment Insights
Based on property information with market context.
This automotive property includes a 2,127-square-foot service garage, an adjoining lot, and approximately 0.66 acres of total land. Built in 1968, the property is zoned B2 and can support continued automotive operations or other stated commercial uses, including contractor and service businesses, vehicle sales, retail, or future redevelopment.
The site is positioned along Business Route 51, a north-south commercial corridor in Decatur. Traffic counts exceed 11,500 vehicles per day, providing direct exposure from the route. The combined garage and additional land create a flexible configuration for automotive, service-related, or broader commercial applications.
The site is positioned along Business Route 51, a north-south commercial corridor in Decatur. Traffic counts exceed 11,500 vehicles per day, providing direct exposure from the route. The combined garage and additional land create a flexible configuration for automotive, service-related, or broader commercial applications.
Key Highlights
- 2,127‑square‑foot automotive service garage
- Approximately 0.66 acres of total land, including an adjoining lot
- Located along Business Route 51 in Decatur
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,791
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$275,820
$275.8K
Cap Rate 7%
$197,014
$197.0K
Cap Rate 9%
$153,233
$153.2K
Market Conditions
NOI Build-Up for 2,127 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.2K $9.96/SF
− Vacancy
−$1.5K −$0.70/SF
EGI
$19.7K $9.26/SF
− OpEx
−$5.9K −$2.78/SF
NOI
$13.8K $6.48/SF
Area
Macon County, IL
Vacancy
7.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$275,820
Cap Rate 7%
$197,014
Cap Rate 9%
$153,233
Alternative Uses
Best Use
Retail
$272.9K
$238.8K – $318.4K
NOI $19,103 @ 7.0% cap · market cap 12.32%
Second Best
Industrial
$197.0K
$172.4K – $229.9K
NOI $13,791 @ 7.0% cap · market cap 8.90%
Theoretical Best
Specialty Retail
$357.3K
$312.6K – $416.8K
NOI $25,008 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11,500 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
17k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Circle K
Shops & Services
12,904 visits/mo
0.3 miles
Marathon Petroleum
Shops & Services
2,391 visits/mo
0.5 miles
Firestone Complete Auto Care
Shops & Services
1,528 visits/mo
0.2 miles
Demographics for 62523, IL
886
Population
364
Households
2.4
Avg Household Size
40
Median Age
5%
College-Educated
68%
High-School Grad
0.4 sq mi
ZIP Area
2,215
Density / Sq Mi
$333
Median Rent
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Speed Lube Complete Auto Care — 567 W Eldorado St, Decatur, IL 62522
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- MGT Films - Decatur, Illinois — 214 N Franklin St FL 1, Decatur, IL 62523
- O k's Transmission Service — 1228 E Wood St, Decatur, IL 62521
Frequently Asked Questions
What type of property is this?
Auto shop - B2-zoned property includes a service garage and additional land for commercial use.
Where is this auto shop located?
The property is located at 1058 North Water Street Decatur, IL.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: 2,127‑square‑foot automotive service garage; Approximately 0.66 acres of total land, including an adjoining lot; Located along Business Route 51 in Decatur
