2490 N Water St 55,297 SF 100% Leased Retail Building Decatur, IL 62526 For Sale

Logan Square is a legacy mixed-use investment property situated in the heart of Decatur, Illinois on U.S. Route 51 (Water Street). Developed between 1975 and 1979, the 4.51-acre complex consists of three buildings: one mixed-use building with residential apartments and street-level commercial suites, along with two additional residential buildings. The property includes 70 residential units and 13 commercial suites, offering a diversified income stream across 83 total units.
The property has remained under the same original ownership since its construction, presenting a rare opportunity to acquire a locally established asset for the first time in nearly five decades. Logan Square benefits from a central location with public transportation access and close proximity to shopping, restaurants, medical facilities, schools, and other essential services. Its established operating history, affordable unit mix, and potential for continued rent and occupancy growth make it an attractive value-add investment in the Decatur market.