Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    248 N Park St Decatur, IL 62523

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $675,000

    Mixed-use properties

    Property size:
    11,884 SF
    Lot size:
    0.04 Acres

    Property Features for 248 N Park St

    General Information

    Size
    11,884 SF
    Lot size
    0.04 Acres

    Source: Main Place Real Estate Agent Zane Peterson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    A unique mix-used investment package in the heart of Downtown Decatur is now available! Three continuous buildings overlooking the beautiful Central Park. In total, this property features three street-level commercial spaces, two spacious apartments, and an additional two floors of untapped, raw multifamily development potential. Currently, two of the three commercial spaces are occupied, with lease renewal terms commencing January 2025. The third retail space, formerly a Subway, is ready for a new tenant with modern finishings and restaurant grade infrastructure in place.

    The residential portion includes two 2-bedroom, 1-bathroom apartments. Both units offer stunning views of Central Park, adding to their demand and appeal for the rental professional.

    This property presents an incredible opportunity to expand your investment portfolio while securing real estate in a prime downtown location. Incentives available - property is situated in the newly adopted Downtown TIF District. Value-add upside, with current stabilized cash-flow. Don't miss out on this chance to generate multiple streams of revenue in Decatur's central city center!
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Macon
    State
    Illinois
    Longitude
    -88.9533874
    Latitude
    39.8431477

    Nearby Similar for Sale

    • $2,350,000
      12,720 SF

      65-Unit Multifamily Investment Opportunity

      Income-producing multifamily property near Millikin University with value-add potential.
      1740-1760 S Fairview Ave, Decatur, IL 62521
      View Details
    • $539,000

      Decatur Industrial Warehouse with Offices

      Industrial warehouse with office space on a fenced 5-acre lot.
      2627 Route 121 N, Decatur, IL 62526
      View Details
    • $800,000
      14,500 SF

      Mixed-Use Property with Income Potential

      Value-add investment opportunity in Decatur's downtown commercial corridor.
      334 W Main St, Decatur, IL 62522
      View Details
    • $5,700,000
      179 SF

      Decatur Warehousing Facility For Sale

      179,393 SF warehousing facility in Decatur, Illinois. Vacant possession.
      3030-3130 E Parkway Dr, Decatur, IL 62526
      View Details
    • $1,247,500
      10,160 SF

      Decatur Commercial Investment Opportunity

      Well-maintained commercial property with established tenants and strong returns.
      3090 N Main St, Decatur, IL 62526
      View Details
    • $825,000
      32,995 SF

      Industrial Warehouse on 2.84 Acres

      32,995 SF industrial warehouse on 2.84 acres for sale.
      2881 E Parkway Dr, Decatur, IL 62526
      View Details

    FAQs

    Where is this mixed-use property located?
    The property is located at 248 N Park St Decatur, IL.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: - Prime Downtown Decatur location overlooking Central Park.; - Mix-used property with three commercial spaces and two apartments.; - Untapped potential for two additional floors of multifamily development.
    (217) 454-8800
    Request Owner's contact information
    248 N Park St Decatur, IL 62523
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    248 N Park St
    Decatur, IL 62523
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    248 N Park St Decatur, IL 62523
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.