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417-461 W Wood St Decatur, IL 62522

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Converted multifamily property with value-add opportunity in Decatur, Illinois.

Property size:
16,248 SF
Lot size:
1.00 Acre

Property Features for 417-461 W Wood St

General Information

Standard status
Active
Zoning
B2- Commercial
Size
16,248 SF
Lot size
1.00 Acre

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Listing Contact
Nick Ragle
Nick Ragle
Source: Crexi

Listing Agency: Coldwell Banker Commercial Devonshire Realty Listing Agent: Nick Ragle

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

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Overview

Multifamily Property with Redevelopment Potential

The property at 417 W Wood Street is a converted multifamily property featuring four 866 square foot two-bedroom/one-bath apartment units on the second floor, currently in leasable condition. The first floor comprises office space, a lobby area, and dormitory-style rooms. This layout presents a value-add opportunity, as the first floor can be reconfigured to create four additional apartment units, significantly increasing rental income potential. The property can be purchased alongside two adjacent buildings (447-461), which are currently occupied by Abbott EMS Services under triple net leases. The tenant has expressed a desire to continue leasing the garage and training facility building and is willing to collaborate with a new owner to structure long-term lease extensions. This offering may be purchased as part of a broader portfolio that includes 1645 N 21st Street, Decatur, IL, and 1102 Ravina Park, Decatur, IL, both of which are occupied by the same tenant under triple net lease structures. The assets may be acquired individually or as a package, offering investors a combination of stabilized NNN income and value-add residential upside within the Decatur market. Located just west of Downtown Decatur in a well-established mixed-use corridor, the property benefits from proximity to the city’s central business district, major employers, and neighborhood retail and service providers. The property offers convenient access to key thoroughfares connecting to U.S. Route 36, IL Route 48, and Interstate 72, providing regional connectivity throughout Central Illinois while maintaining walkable access to surrounding residential neighborhoods and downtown amenities. Decatur serves as the economic hub of Macon County with healthcare, manufacturing, agribusiness, and logistics sectors.
Location Intelligence

Current Use by Public Records

Office Units

Suggested Use

Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
Decatur
County
Macon
State
Illinois
Longitude
-88.9610915
Latitude
39.8400264

FAQs

What type of property is this?
Apartment building - Converted multifamily property with value-add opportunity in Decatur, Illinois.
Where is this apartment building located?
The property is located at 417-461 W Wood St Decatur, IL.
What are key features of this property?
This property features: - Value-add opportunity to reconfigure the first floor into four additional apartment units, significantly increasing rental income potential.; - Option to purchase adjacent buildings occupied by Abbott EMS Services under triple net leases, providing immediate stabilized cash flow.; - Tenant (Abbott EMS) willing to collaborate on long-term lease extensions for the garage and training facility, offering near-term income stability.
More about this property
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