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105 S Elder Ln 35 Unit Apartment Building $3,255,618 CAD ($93,018 CAD/Unit) 5.51% Cap Rate Decatur, IL 62522
Executive Summary
Introducing a prime multifamily investment opportunity in Decatur, Illinois. The property consists of 35 units across four parcels, featuring four freestanding buildings, including a duplex that contains the superintendent unit.
Constructed between 1964 and 1967, the buildings are a combination of brick, mortar, and frame construction and are zoned B-2 with multifamily permitted use.
The property is located on the far west side of Decatur, near lifestyle amenities including the 180+ acre Fairview Park, nearby bicycle and walking trails, and the campus-town shops and restaurants surrounding Millikin University.
Current ownership has completed select capital improvements, with approximately 25 of the 35 units cosmetically updated, demonstrating measurable rental increases and improved operating performance. Majority of units are two bedrooms.
With additional units remaining to be renovated, the property offers continued value-add potential for investors seeking stable income with the opportunity to further enhance rents and long-term portfolio performance.
Constructed between 1964 and 1967, the buildings are a combination of brick, mortar, and frame construction and are zoned B-2 with multifamily permitted use.
The property is located on the far west side of Decatur, near lifestyle amenities including the 180+ acre Fairview Park, nearby bicycle and walking trails, and the campus-town shops and restaurants surrounding Millikin University.
Current ownership has completed select capital improvements, with approximately 25 of the 35 units cosmetically updated, demonstrating measurable rental increases and improved operating performance. Majority of units are two bedrooms.
With additional units remaining to be renovated, the property offers continued value-add potential for investors seeking stable income with the opportunity to further enhance rents and long-term portfolio performance.
Property Facts
| Price | $3,255,618 CAD | Apartment Style | Garden |
| Price Per Unit | $93,018 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.20 AC |
| Cap Rate | 5.51% | Building Size | 32,456 SF |
| No. Units | 35 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 0.4/1,000 SF |
| Zoning | B-2 | ||
| Price | $3,255,618 CAD |
| Price Per Unit | $93,018 CAD |
| Sale Type | Investment |
| Cap Rate | 5.51% |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.20 AC |
| Building Size | 32,456 SF |
| No. Stories | 3 |
| Year Built | 1967 |
| Parking Ratio | 0.4/1,000 SF |
| Zoning | B-2 |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 35 | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 04-12-17-254-010 | Improvements Assessment | $206,134 CAD |
| Land Assessment | $17,992 CAD | Total Assessment | $224,126 CAD |
Property Taxes
Parcel Number
04-12-17-254-010
Land Assessment
$17,992 CAD
Improvements Assessment
$206,134 CAD
Total Assessment
$224,126 CAD
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105 S Elder Ln
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