Family Dollar Investment
For Sale
Contact for pricing
1315 N Water St, Decatur, IL 62526
NNN leased Family Dollar with strong corporate guarantee.
Property Size14,490 SF
Price / SF$213.94
Days on Market161
Property Features for 1315 N Water St
General Information
Standard status
Active
Size
14,490 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$306,000
Building Details
Year Built
2005
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Patrick Forkin · License #475118789
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 8 at 3:31AM
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 Matthews
Investment Insights
Based on property information with market context.
This commercial property, currently operating as a Family Dollar store since 2019, presents an investment opportunity with approximately 4.4 years of remaining lease term. The lease is guaranteed by Walgreens, providing strong corporate credit. Offered at a 9.87% cap rate, the property provides compelling cash flow. Situated along a primary retail corridor with a traffic count of 35,200 vehicles per day, the location offers strong visibility and consistent consumer exposure. The store's foot traffic ranks in the top half of the chain’s national portfolio, demonstrating solid unit-level performance. The surrounding area has a solid population base of over 11,400 residents within one mile and nearly 94,000 within five miles. The trade area has experienced a growth of 3.9% over the past five years, supporting long-term retail demand. The property is 14,490 square feet and is located in Decatur, IL.
Key Highlights
- Lease guaranteed by Walgreens, providing strong corporate credit.
- Attractive Going‑In Yield** – Offered at a 9.87% cap rate with an asking price of $3.1 million.
- High‑Traffic Retail Corridor** – 35,200 vehicles per day; store foot traffic ranks in the top half of the chain’s national portfolio.
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
$170,368
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
5.50%
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%
$3,407,360
$3.4M
Cap Rate 7%
$2,433,829
$2.4M
Cap Rate 9%
$1,892,978
$1.9M
Market Conditions
NOI Build-Up for 14,490 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
$246.9K $17.04/SF
− Vacancy
−$19.8K −$1.36/SF
EGI
$227.2K $15.68/SF
− OpEx
−$56.8K −$3.92/SF
NOI
$170.4K $11.76/SF
Area
Macon County, IL
Vacancy
8.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$3,407,360
Cap Rate 7%
$2,433,829
Cap Rate 9%
$1,892,978
Alternative Uses
Best Use
Specialty Retail
$2.43M
$2.13M – $2.84M
NOI $170,368 @ 7.0% cap · market cap 5.50%
Second Best
Retail
$1.86M
$1.63M – $2.17M
NOI $130,139 @ 7.0% cap · market cap 4.20%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
249k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Groceries 26%
Shops & Services 19%
Apparel 1%
Kroger
Groceries
41,750 visits/mo
0.2 miles
McDonald's
Dining
32,436 visits/mo
0.1 miles
Aldi
Groceries
23,357 visits/mo
0.3 miles
Taco Bell
Dining
19,633 visits/mo
0.4 miles
Wendy's
Dining
15,424 visits/mo
0.1 miles
Demographics for 62526, IL
31,758
Population
16,425
Households
1.9
Avg Household Size
41
Median Age
20%
College-Educated
92%
High-School Grad
66.0 sq mi
ZIP Area
481
Density / Sq Mi
$48,222
Median Household Income
$39,048
Median Earnings
$785
Median Rent
$91,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - NNN leased Family Dollar with strong corporate guarantee.
Where is this grocery and convenience store located?
The property is located at 1315 N Water St Decatur, IL.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Lease guaranteed by Walgreens, providing strong corporate credit.; Attractive Going‑In Yield** – Offered at a 9.87% cap rate with an asking price of $3.1 million.; High‑Traffic Retail Corridor** – 35,200 vehicles per day; store foot traffic ranks in the top half of the chain’s national portfolio.
