Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Decatur Retail Space For Lease Title is generated by Realmo AI

    2875 N Water St, Decatur, IL 62526

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Retail space available in a high-traffic Decatur location.

    Type:Retail
    Added:
    Sep 12, 2024
    Days on Market:
    628
    Last Refresh:
    May 12 at 9:16 pm

    Property Features for 2875 N Water St

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Building Details

    Year Built
    1977

    Spaces For Lease

    at 2875 N Water St Contact us

    $16/Mo

    Size
    6,050 SF
    Type
    Retail
    Contact us

    We can help!

    Listing Contact
    AJ Thoma III, CCIM, SIOR

    Listing agent AJ Thoma III, CCIM, SIOR License #IL475.135026

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Sep 12, 2024

    Source Crexi

    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 Coldwell Banker Commercial Devonshire Realty

    HighLights

    • High traffic location with over 42,000 cars per day.
    • B2 – Commercial zoning allows for a wide variety of commercial businesses.
    • Recently renovated within the last couple of years.
    • Located near the prime retail shopping district of Main/Water/Bus Us 51 & Pershing Ave.
    • Versatile space with both large retail area and large open area.
    • Conveniently located near major cities: St. Louis, Chicago, Indianapolis, Champaign, Bloomington, and Springfield.

    Overview

    This retail space, located in Decatur, IL, was originally constructed in 1977 and has been renovated in recent years. Previously occupied by Memorial Health Systems as a medical supply store, the property is zoned B2 – Commercial, accommodating a wide variety of commercial businesses. The east portion of the space features a large retail area with two larger rooms, two offices, a kitchenette, and two public-facing restrooms. The west portion includes a large open area with an additional employee restroom and a mechanical room. The property is situated just south of the prime retail shopping district of Main/Water/Bus US 51 & Pershing Ave. Water/Bus US 51 North, a one-way street through Decatur, connects south-central Illinois to Bloomington, IL. The area benefits from traffic counts exceeding 42,000 cars per day and is home to numerous national, regional, and local tenants. Decatur is located 123 miles from St. Louis, 177 miles from Chicago, 155 miles from Indianapolis, 45 miles from Champaign, 46 miles from Bloomington, and 44 miles from Springfield.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Macon
    State
    Illinois
    Longitude
    -88.9554378
    Latitude
    39.8741812

    Nearby Similar for Lease

    • $1,520/Mo
      1,500 SF

      Downtown Decatur Restaurant Space Available

      Vacant restaurant space in vibrant downtown Decatur, Illinois.
      190 N Merchant Street, Decatur, IL 62523
      View Details
    • Contact for pricing

      Decatur Retail/Office/Medical Space Available

      Multi-tenant strip center with renovation options and ample parking.
      2950 N WATER Street, Decatur, IL 62526
      View Details
    • Contact for pricing

      Decatur Retail/Office/Medical Space Available

      Multi-tenant strip center on a busy thoroughfare with ample parking.
      2950 N WATER Street, Decatur, IL 62526
      View Details
    • $15 SF/Yr
      1,630 SF

      Freestanding Retail Building For Lease

      Two-tenant retail building in Decatur, Illinois available for lease.
      2891 N Water St, Decatur, IL
      View Details
    • $700/Mo
      950 SF

      Hickory Point Professional Office Suites

      Private office suites available in Forsyth/Decatur area, various sizes.
      5130 Hickory Point Frontage Rd, Decatur, IL
      View Details
    • $1,500/Mo
      1,500 SF

      Retail Space in Northland Center

      Highly visible retail space in Decatur's popular shopping plaza.
      2900 N Main St, Decatur, IL
      View Details
    • $9,100/Mo

      Renovated Office Building For Lease

      Decatur office building with high visibility and versatile floor plan.
      1170 E Pershing Rd, Decatur, IL, 62526-4753
      View Details
    • Contact for pricing
      488,000 SF

      Decatur Industrial Sites Available

      Industrial sites available for lease or build to suit.
      2500 N 22nd St, Decatur, IL 62526
      View Details
    • $5,000/Mo
      3,600 SF

      Office Spaces at Northtown Center

      Individual office spaces for lease in professional building.
      333 E Pershing Rd, Decatur, IL, 62526-2489
      View Details
    • Contact for pricing
      1,584 SF

      High-Visibility Commercial Space Available

      Versatile 1,584 SF space on E. Eldorado St, Decatur.
      1489 E Eldorado St, Decatur, IL 62521
      View Details
    • $20 SF/Yr
      4,858 SF

      Retail Space in Decatur, IL

      Modern retail space with customizable floor plans and ample parking.
      4405 E Us Route 36, Decatur, IL
      View Details
    • $24 SF/Yr
      6,172 SF

      Premium Office/Medical Space Available

      Class A property suitable for medical or general office use.
      1192 E Pershing Rd, Decatur, IL
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available in a high-traffic Decatur location.
    Where is this retail space located?
    The property is located at 2875 N Water St Decatur, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: High traffic location with over 42,000 cars per day.; B2 – Commercial zoning allows for a wide variety of commercial businesses.; Recently renovated within the last couple of years.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    AJ Thoma III, CCIM, SIOR
    Real Estate License ID: IL475.135026
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2875 N Water St, Decatur, IL 62526
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!