363 Main St Decatur, IL 62523-1417

Property Details for 363 Main St

Lot size

1.28 lot acres

Zone code

MUNICIPAL

Property type

Office buildings

APN

04-12-15-429-002

APU

41215429002

Description

This five-story, 36,600-square-foot office building in Decatur, Illinois' central business district presents a compelling value-add opportunity. Located at 363 S Main St, this iconic property boasts 37 units ranging from 150 to 3,500 square feet, offering flexible floor plans to accommodate diverse tenants. Currently at 55% occupancy, below-market rents provide significant upside potential. The building features 100 parking spaces, including five handicap-accessible spots, and benefits from recent capital improvements including a new roof (2019) and a new chiller system (2024) with 15 temperature zones. Built in 1967, the well-maintained structure is situated on a 1.7-acre lot with excellent visibility and access from Main Street. The property's tenant mix includes professional, service, and creative businesses. Decatur's strong economy, anchored by major employers like Caterpillar, ADM, and Decatur Memorial Hospital, supports a robust daytime population of 102,971 within a 10-mile radius. The average household income within this radius is $70,261. The building is zoned for commercial use and offers amenities such as terrazzo flooring, marble wall accents, and recently remodeled ADA-accessible restrooms on the first and third floors. The asking price is $1,000,000, representing a 5.04% cap rate and a pro-forma cap rate of 15.96%. The pro-forma net operating income is $159,576. This property offers a strong foundation for long-term cash flow and significant appreciation potential.

Location Insight

City

Decatur

County

Macon

State

Illinois

Longitude

-88.9565

Latitude

39.8381

CBSA code

19500

CBSA name

DECATUR, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments