Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1244 Prairie Ave Decatur, IL 62521
    Back to Search
    Property profile & analytics

    1244 Prairie Ave Decatur, IL 62521

    View on Map
    • Apartment buildings
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1244 Prairie Ave

    Property type
    Apartment buildings

    Description

    This Decatur, Illinois duplex presents a compelling value-add opportunity for investors. Located at 1244 E Prairie Ave, in Macon County, zip code 62521 (39.8430787, -88.9395788), this Class D multifamily property is offered at an asking price of $30,000. The building comprises two units: a three-bedroom, one-bathroom unit and a one-bedroom, one-bathroom unit. Currently configured as a duplex, the property offers significant potential for renovation and repositioning. With some improvements and tender loving care, this property could be a strong performer. The property's current configuration allows for immediate rental income generation, while the potential for conversion to a four-bedroom, two-bathroom single-family home provides additional flexibility and upside. This is an excellent opportunity to acquire a property in Decatur, Illinois with significant potential for increased value and rental income. The property is currently listed with a 0.00% cap rate, indicating potential for significant return on investment following improvements. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Macon
    State
    Illinois
    Longitude
    -88.9396
    Latitude
    39.8431

    Comparable in this City

    • Value Estimation
      $800,000
      3.09 Acres

      1525 Fairview Ave

      MOBILE HOME PARK, TRAILER PARK • 3.09 Acres
      1525 Fairview Ave, Decatur, IL 62521-4030
      View Details
    • Value Estimation by Request
      40.00 Acres

      Brush College Rd & Garver Church Rd

      Land • 100,000 SF
      0 Brush College Rd & Garver Church Rd, Decatur, IL 62521
      View Details
    • Value Estimation by Request
      18.20 Acres

      Albany Pl

      Land • 18.20 Acres
      0 Albany Pl, Decatur, IL 62521
      View Details
    • Value Estimation by Request
      2.29 Acres

      730 Main St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 2.29 Acres
      730 Main St, Decatur, IL 62521-2654
      View Details
    • Value Estimation by Request
      0.45 Acres

      852 Main St

      VACANT COMMERCIAL LAND • 0.45 Acres
      852 Main St, Decatur, IL 62521-1026
      View Details
    • Value Estimation by Request
      0.07 Acres

      1083 Main St

      GROCERY, SUPERMARKET • 0.07 Acres
      1083 Main St, Decatur, IL 62521-2713
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Decatur Investment Opportunity For Sale

      Decatur, Illinois investment property 100% leased to credit tenants.
      1070 South Side Dr, Decatur, IL 62521
      View Details
    • Contact for pricing

      Commercial Land Near Lake Decatur

      0.43 acre commercial land near Lake Decatur.
      801 South Jasper St, Decatur, IL 62521
      View Details
    • Contact for pricing

      Development Land Opportunity Available

      Development land for sale at $1.50 per square foot.
      6153 Rte 36, Decatur, IL 62521
      View Details
    • $99,000

      Commercial Lot on E Eldorado

      Commercial lot suitable for retail or quick-service drive-through.
      1647 E Eldorado St, Decatur, IL 62521
      View Details
    • Contact for pricing
      12,300 SF

      Decatur Church Facility For Sale

      Well-maintained 12,000 SF church on 1.81 acres in Decatur.
      1414 W Grove Rd, Decatur, IL 62521
      View Details
    • Contact for pricing

      Land For Sale Decatur, IL

      Land available for sale in Decatur, Illinois.
      801 S Jasper St, Decatur, IL 62521
      View Details

    Similar Nearby for Lease

    • $2,450 /Mo

      Decatur Office with Lake Views

      Office space with lake views, multiple rooms, and parking.
      500 E Lake Shore Dr, Decatur, IL 62521
      View Details
    • Contact for pricing
      2,000 SF

      Freestanding Building on Brush College Road

      2,000 SF freestanding building suitable for retail or office.
      511 N Brush College Rd, Decatur, IL 62521
      View Details
    • $1,550 /Mo

      Restaurant Ready Corner Location

      Turn-key restaurant space available at William Street and Brush College.
      3790 E William Street Rd, Decatur, IL 62521
      View Details
    • Contact for pricing

      Industrial Space Available For Lease

      9,295 SF industrial space for lease with ample parking.
      625 South Side Dr, Decatur, IL 62521
      View Details
    • Contact for pricing

      Retail or Restaurant Space Available

      Versatile 1,000 sq ft space suitable for various businesses.
      1627 E Eldorado St, Decatur, IL 62521
      View Details
    • Contact for pricing
      65,340 SF

      Decatur Commercial Space For Rent

      Commercial property available for lease in Decatur, Illinois.
      1501 E Eldorado St, Decatur, IL 62521
      View Details
    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.
    1244 Prairie Ave
    Decatur, IL 62521
    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
    1244 Prairie Ave, Decatur, IL, 62521
    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!