18-Unit Apartment
For Sale
$700,000
152 & 162 S Dipper Ln, Decatur, IL 62522
Two-building multifamily property with varied apartment layouts, on-site laundry, and dedicated parking.
Property Size9,880 SF
Days on Market49
Property Features for 152 & 162 S Dipper Ln
General Information
Standard status
Active
Size
9,880 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
repairs to the second-story banisters on one of the buildings
Additional Details
Multifamily Units
18
Amenities
on-site laundry facility
dedicated off-street parking
Building Details
Building Size
9,880 SF
Buildings
2
Units
18
Listing Agency:
SVN | Core 3
Listed By:
Carrie Tinucci-Troll, CCIM · License #475166842
(331) 452-6860
Source:
Commercialcafe
Added: Sep 1
Changed: Oct 12
Last Checked: Oct 19 at 4:18AM
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 SVN | Core 3
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Investment Insights
Based on property information with market context.
This multifamily property comprises two apartment buildings with 18 units overall. One building contains 10 units and the other contains 8 units, with a mix of studios, one-bedroom apartments, and one two-bedroom apartment. On-site laundry and dedicated off-street parking behind the buildings serve the property. Maintenance work is underway, including repairs to second-story banisters on one building.
The complex is located on the west side of Decatur, just south of W. Main Street, at 152 & 162 S Dipper Ln. Kiwanis Park and the Sanitary District of Decatur are nearby. Current ownership has maintained occupancy, and vacant units are undergoing turnover.
The complex is located on the west side of Decatur, just south of W. Main Street, at 152 & 162 S Dipper Ln. Kiwanis Park and the Sanitary District of Decatur are nearby. Current ownership has maintained occupancy, and vacant units are undergoing turnover.
Key Highlights
- 18‑unit multifamily property across two buildings
- Unit mix includes studios, one‑bedroom apartments, and a single two‑bedroom apartment
- One building has 10 units; the second building has 8 units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,643
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,212,860
$1.2M
Cap Rate 7%
$866,329
$866.3K
Cap Rate 9%
$673,811
$673.8K
Market Conditions
NOI Build-Up for 9,880 SF
Gross rent
$118.6K $12.00/SF
− Vacancy
−$8.3K −$0.84/SF
EGI
$110.3K $11.16/SF
− OpEx
−$49.6K −$5.02/SF
NOI
$60.6K $6.14/SF
Area
Macon County, IL
Vacancy
7.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,212,860
Cap Rate 7%
$866,329
Cap Rate 9%
$673,811
Alternative Uses
Best Use
Apartment 5plus
$866.3K
$758.0K – $1.01M
NOI $60,643 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.66M
$1.45M – $1.94M
NOI $116,165 @ 7.0% cap · market cap 16.60%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 62522, IL
14,838
Population
7,215
Households
2.1
Avg Household Size
36
Median Age
26%
College-Educated
95%
High-School Grad
23.9 sq mi
ZIP Area
621
Density / Sq Mi
$51,689
Median Household Income
$36,551
Median Earnings
$783
Median Rent
$108,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily property with varied apartment layouts, on-site laundry, and dedicated parking.
Where is this apartment building located?
The property is located at 152 & 162 S Dipper Ln Decatur, IL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 18‑unit multifamily property across two buildings; Unit mix includes studios, one‑bedroom apartments, and a single two‑bedroom apartment; One building has 10 units; the second building has 8 units
