2490 N Water Street
Decatur, IL 62526 · Robert L Logans 1st Add · MLS #6260243
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, and schools. Its established operating history, affordable unit mix, and potential for continued rent and occupancy growth make it an attractive value-add investment.
Features
Property Details
- Price
- $3,450,000
- MLS #
- 6260243
- Status
- Active
- Type
- ResidentialIncome
- Subtype
- Multi Family
- Subdivision
- Robert L Logans 1st Add
- Listed Date
- Aug 10, 2026
- Lot Size
- 196,456 sqft / 4.51 acres
- Year Built
- 1975
- County
- Macon
- Zoning
- O-1
- Parcel Number
- 04-12-02-301-001
Interior
- Above Grade Finished Area
- 0
- Appliances
- Electric Water Heater
- Cooling
- Other
- Levels
- Two
Exterior
- Garage
- No
- Roof
- Other
- Stories
- 2
- Sewer
- Public Sewer
- Water Source
- Public
Payment estimate
Estimate for planning only — actual payment depends on your loan. Talk to your lender.
Financial
- Tax Year
- 2024
- Taxes
- $56,422
Schools
- School District
- Decatur Dist 61
Market Summary
Current real estate data for ResidentialIncome in Decatur as of Sep 14, 2026, from all participating CIBR offices.
Location
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Listed by Main Place Real Estate · 217-422-3335. Want to see this property? Call Grissom Schmitz Realty at 217-562-7078.
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