Retail Storefront Suites for
For Sale
$1,200,000
2950 N Water Street, Decatur, IL 62526
Two suites in a multi-suite retail center feature direct storefront entries and rear service areas.
Property Size11,000 SF
Price / SF$109.09
Days on Market52
Property Features for 2950 N Water Street
General Information
Standard status
Active
Size
11,000 SF
Total Parking Spaces
20
Property subtype
Commercial
Zoning
B-2
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$34,058
Building Details
Building Size
11,000 SF
Year Built
1970
Buildings
1
Tenancy
Multi
Listing Agency:
The Real Estate Group, Inc.
(217) 638-1360
Listed By:
Jerry George · License #475159363
(217) 638-1360
Source:
Shawneehillsrealestate
Added: Jul 6
Changed: Aug 24
Last Checked: Aug 25 at 9:01AM
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 The Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
This for-sale retail property at 2950 N Water St includes Suites 220 and 230 within a multi-suite shopping center. The available space is configured with open retail floor plates and rear service areas, along with private restrooms and direct storefront entries. Surface parking supports customer access, and utilities are available for prospective tenants or buyers; please confirm metering and any trade fixtures to be included.
The center is positioned along the US-51/N Water St corridor with frontage, signage, and convenient ingress/egress. The property is surrounded by national and regional retailers, supporting a mixed retail environment for shopping and services.
As presented, the layout is designed for retail, service, or showroom-style use. Confirm utility capacity and final site details during due diligence.
The center is positioned along the US-51/N Water St corridor with frontage, signage, and convenient ingress/egress. The property is surrounded by national and regional retailers, supporting a mixed retail environment for shopping and services.
As presented, the layout is designed for retail, service, or showroom-style use. Confirm utility capacity and final site details during due diligence.
Key Highlights
- Shopping center at 2950 N Water St with year built 1970 and retail suites 220 and 230 available
- Direct storefront entries for both suites with open retail floor plates and rear service areas
- Includes private restrooms and flexible space for retail, service, or showroom use
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
$98,794
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
8.23%
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%
$1,975,880
$2.0M
Cap Rate 7%
$1,411,343
$1.4M
Cap Rate 9%
$1,097,711
$1.1M
Market Conditions
NOI Build-Up for 11,000 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
$145.2K $13.20/SF
− Vacancy
−$4.1K −$0.37/SF
EGI
$141.1K $12.83/SF
− OpEx
−$42.3K −$3.85/SF
NOI
$98.8K $8.98/SF
Area
Macon County, IL
Vacancy
2.80%
Lease Rate
$13.20 /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%
$1,975,880
Cap Rate 7%
$1,411,343
Cap Rate 9%
$1,097,711
Alternative Uses
Best Use
Retail
$1.41M
$1.23M – $1.65M
NOI $98,794 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.85M
$1.62M – $2.16M
NOI $129,334 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
787
Businesses Nearby
247k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Groceries 26%
Shops & Services 21%
Apparel 1%
Kroger
Groceries
41,750 visits/mo
0.1 miles
McDonald's
Dining
32,436 visits/mo
0.2 miles
Aldi
Groceries
23,357 visits/mo
0.2 miles
Taco Bell
Dining
19,633 visits/mo
0.3 miles
Wendy's
Dining
15,424 visits/mo
0.2 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.
Similar Off Market Nearby
- Northland Shopping Center — Decatur, IL 62526
- Harrison Center (formerly Pershing Plaza) — 1383 E Pershing Rd, Decatur, IL 62526
- Brettwood Village Shopping Center — 3116 N Water St, Decatur, IL 62526
- Coinstar Kiosk - Bitcoin ATM — Kroger - Central, 3070 N Water St, Decatur, IL 62526
Frequently Asked Questions
What type of property is this?
Shopping center - Two suites in a multi-suite retail center feature direct storefront entries and rear service areas.
Where is this shopping center located?
The property is located at 2950 N Water Street Decatur, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Shopping center at 2950 N Water St with year built 1970 and retail suites 220 and 230 available; Direct storefront entries for both suites with open retail floor plates and rear service areas; Includes private restrooms and flexible space for retail, service, or showroom use
