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    248 Park St Decatur, IL 62523

    Sponsored
    For Sale
    $695,000

    Prime Decatur location, 11,884 SF, 7 units

    Property size:
    11,884 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional investment opportunity encompasses three interconnected buildings totaling 11,884 square feet situated on a 0.12-acre lot in Decatur, Illinois' vibrant downtown core, overlooking Central Park. The property, built in 1890, features three street-level commercial spaces, two of which are currently leased with renewal terms beginning January 2025. A third retail space, previously a Subway, is available and equipped with modern finishes and restaurant-grade infrastructure. Above the commercial spaces are two two-bedroom, one-bathroom apartments boasting stunning park views. The property also includes two additional untapped floors offering significant multifamily development potential. The property is zoned B4 and has three buildings across two stories. The combined parcel includes APNs 04-12-14-151-013, 04-12-14-151-014, and 04-12-14-151-010. This mixed-use property presents a compelling value-add opportunity with existing cash flow and the added benefit of being located within the newly established Downtown TIF District, offering potential incentives. The asking price is $695,000.

    Property Features for 248 Park St

    General Information

    Property type
    Individual retail properties
    Square Feet
    11,884 SF
    Lot Size
    5,227 SF

    Building Details

    Year Built
    1890
    Buildings
    3
    Stories
    2
    Units
    7
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Macon
    State
    Illinois
    Longitude
    -88.953376636621
    Latitude
    39.842960165411

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    FAQs

    What type of property is this?
    Individual retail property - Prime Decatur location, 11,884 SF, 7 units
    Where is this individual retail property located?
    The property is located at 248 Park St Decatur, IL.
    What is the asking price?
    The asking price for this property is $695,000.
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    248 Park St Decatur, IL 62523
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    Decatur, IL 62523
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    248 Park St Decatur, IL 62523
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