Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1929 N Water St Decatur, IL 62526

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail or office space with high visibility and ample parking.

    Property size:
    4,141 SF
    Lot size:
    0.72 Acres

    Property Features for 1929 N Water St

    General Information

    Size
    4,141 SF
    Lot size
    0.72 Acres

    We can help!

    Listing Contact
    Legacy Commercial Property
    Source: Moodyscre

    Listing Agent: Legacy Commercial Property

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

    Learn more

    Property Insight Report

    Overview

    Decatur Retail Space Available

    Commercial real estate is available at 1935 N. Water St in Decatur, IL. This retail or office space has visibility on the SW corner of Water St & E Garfield Ave, with up to 4033 square feet available for lease. The 7,000 square foot building is located near the heart of the Decatur business district. The property includes on-site parking with over 40 spaces and offers landmark recognition and signage. This property is suitable to grow a business' footprint on the SW corner of Water St & E Garfield Ave.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lacey's Place Bar

    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
    -88.9551278
    Latitude
    39.8616899

    Nearby Similar for Lease

    • Contact for pricing
      65,340 SF

      Decatur Commercial Brick Building

      Centrally located 14,000 SF building on 1.5 acres.
      1501 E Eldorado St, Decatur, IL 62521
      View Details
    • Contact for pricing
      72,745 SF

      Decatur Retail/Office/Medical Space Available

      Multi-tenant strip center on a busy thoroughfare with ample parking.
      2950 N Water St, Decatur, IL 62526
      View Details
    • Contact for pricing
      72,745 SF

      Decatur Retail/Office/Medical Space Available

      Multi-tenant strip center with renovation options and ample parking.
      2950 N Water St, Decatur, IL 62526
      View Details
    • $15 SF/Yr

      Decatur Office Space Available

      3,900 SF office space in outstanding condition, Decatur, IL.
      345 E Ash Ave, Decatur, IL 62526
      View Details
    • $12 SF/Yr
      3,500 SF

      Prime Retail Plaza on Route 121

      Redeveloped plaza with versatile spaces for retail, restaurant, and more.
      2008 Mount Zion Rd, Decatur, IL 62521
      View Details
    • $4 SF/Yr
      20,000 SF

      Decatur Warehouse with Cold Storage

      20,000 SF warehouse with refrigeration and freezer space.
      2015 E Olive St, Decatur, IL 62526
      View Details
    • Contact for pricing
      488,415 SF

      Decatur Commerce Park Industrial Space

      Premier industrial property with immediate occupancy and expansion potential.
      2500 N 22Nd St, Decatur, IL 62526
      View Details
    • $5,500 /Mo

      Industrial Warehouse with Cold Storage

      Versatile warehouse space ideal for food-related businesses.
      2015 E Olive St, Decatur, IL 62526
      View Details
    • $2,000 /Mo
      1,700 SF

      Retail/Restaurant Space on High-Traffic Corridor

      Versatile 1,000 SF retail/restaurant space on a high-traffic corridor.
      1621 E Eldorado St, Decatur, IL 62521
      View Details
    • $2,450 /Mo

      Decatur Office with Lake Views

      Office space with lake views, multiple rooms, and parking.
      500 E Lake Shore Dr, Decatur, IL 62521
      View Details
    • $19 SF/Yr
      2,520 SF

      Freestanding Retail Building For Lease

      Freestanding retail building with full kitchen available for lease.
      2805 N Main St, Decatur, IL 62521
      View Details
    • $5 SF/Yr
      63,980 SF

      Decatur Retail Space Available

      64,000 SF Retail Center, Two Spaces Available
      2807-2825 Main St, Decatur, IL 62526
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail or office space with high visibility and ample parking.
    Where is this retail space located?
    The property is located at 1929 N Water St Decatur, IL.
    What are key features of this property?
    This property features: - High Visibility Location: SW corner of Water St & E Garfield Ave; - Ample Parking: Over 40 on-site spaces; - Significant Square Footage Available: Up to 4033 SF for lease
    (847) 904-9200
    Request Owner's contact information
    1929 N Water St Decatur, IL 62526
    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.
    1929 N Water St
    Decatur, IL 62526
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1929 N Water St Decatur, IL 62526
    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
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Legacy Commercial Property
    (847) 904-9200
    Learn more
    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.