Medical/Office Building on High-Visibility
For Sale
$1,400,000
3131 N Water St, Decatur, IL 62526
Freestanding 6,200 SF building ideal for medical or professional services.
Property Size6,200 SF
Lot Size1.17 Acres
Price / SF$225.81
Days on Market375
Property Features for 3131 N Water St
General Information
Standard status
Active
Size
6,200 SF
Lot size
1.17 Acres
Taxes and HOA fees
Annual Taxes
$37,634
Listing Agency:
GUTH & ASSOCIATES, LLC
(217) 355-2545
Listed By:
Jill Guth · License #471020488
(217) 355-2545
Source:
Exprealty
Added: Aug 11, 2025
Changed: Aug 20
Last Checked: Aug 20 at 9:32AM
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 GUTH & ASSOCIATES, LLC
Investment Insights
Based on property information with market context.
This 6,200 square foot freestanding building is strategically located along Route 51 Business North & South, offering a rare opportunity for medical, office, or specialty use in a high-visibility corridor. Previously operated as a medical express care facility, the property is ideally configured for healthcare or professional services. Constructed in 2008, this modern facility sits on a 1.17-acre lot and features a functional layout tailored for patient/client flow and staff efficiency. The building includes 12 exam rooms, 6 restrooms, a spacious waiting/reception area with multiple registration stations, a dedicated nurses' station/work area, and 2 private offices. Additional features include an X-ray room and a break/conference room. Ample parking is available with 42 spaces. The property is surrounded by retail and service anchors, including Brentwood Village Shopping Center, home to Planet Fitness, Kroger, Bob Evans, and Culver's, providing significant consumer draw to the area. Traffic counts are as follows: Rt 51 South: 10,000 vehicles/day, Rt 51 North: 9,500 vehicles/day, and Pershing Rd at Rt 51: 19,800 vehicles/day.
Key Highlights
- High‑visibility location on Route 51 with significant daily traffic counts.
- Ideally configured for medical or professional services; previously a medical express care facility.
- Modern, freestanding 6,200 SF building constructed in 2008 with functional layout.
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
$49,216
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
3.52%
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%
$984,320
$984.3K
Cap Rate 7%
$703,086
$703.1K
Cap Rate 9%
$546,844
$546.8K
Market Conditions
NOI Build-Up for 6,200 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
$78.1K $12.60/SF
− Vacancy
−$12.5K −$2.02/SF
EGI
$65.6K $10.58/SF
− OpEx
−$16.4K −$2.65/SF
NOI
$49.2K $7.94/SF
Area
Macon County, IL
Vacancy
16.00%
Lease Rate
$12.60 /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%
$984,320
Cap Rate 7%
$703,086
Cap Rate 9%
$546,844
Alternative Uses
Best Use
Office B
$703.1K
$615.2K – $820.3K
NOI $49,216 @ 7.0% cap · market cap 3.52%
Second Best
Healthcare Medical
$697.5K
$610.3K – $813.8K
NOI $48,825 @ 7.0% cap · market cap 3.49%
Theoretical Best
Specialty Retail
$1.04M
$911.2K – $1.21M
NOI $72,897 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
645
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Freestanding 6,200 SF building ideal for medical or professional services.
Where is this medical center located?
The property is located at 3131 N Water St Decatur, IL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: High‑visibility location on Route 51 with significant daily traffic counts.; Ideally configured for medical or professional services; previously a medical express care facility.; Modern, freestanding 6,200 SF building constructed in 2008 with functional layout.
