Multifamily Property with Redevelopment
417-461 W Wood St, Decatur, IL 62522
Converted multifamily property with value-add opportunity in Decatur, Illinois.
Type:Multifamily
Property size:
16,248 SFPrice / SF:
$49/SF- Added:
- Mar 9, 2026
- Days on Market:
- 65
- Last Refresh:
- Mar 19 at 10:08 pm
Property Features for 417-461 W Wood St
General Information
- Standard status
- Active
- Size
- 16,248 SF
- Property subtype
- Multifamily
Listing agent Nick Ragle License #IL 475.201147
Listing office Coldwell Banker Commercial Devonshire Realty
Listing date Mar 9, 2026
Source Crexi
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All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Devonshire Realty
HighLights
- 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.
- Property is a converted multifamily building with four existing two‑bedroom/one‑bath apartment units on the second floor, currently in leasable condition.
- Located in a well‑established mixed‑use corridor west of Downtown Decatur, providing proximity to major employers and amenities.
- Convenient access to key thoroughfares (U.S. Route 36, IL Route 48, and Interstate 72) for regional connectivity.
Overview
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
Location Insight
- Map
- Local Demand
- City
- Decatur
- County
- Macon
- State
- Illinois
- Longitude
- -88.9610915
- Latitude
- 39.8400264
Nearby Similar for Sale
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 is the asking price?
The asking price for this property is $800,000.
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.
