2490 N Water Street

Decatur, IL 62526 · Robert L Logans 1st Add · MLS #6260243

$3,450,000
Listed 35 days ago
Save
Acres
4.51
Type
ResidentialIncome
Status
Active

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

Electric Water Heater

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

Estimated monthly
$23,064/mo
$18,362 principal & interest$4,702 taxes

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.

ResidentialIncome Listed
6
Avg Days on Market
142
Avg List Price
$1,048,133

Location

See this listing

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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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Disclaimer: All data relating to real estate for sale on this site comes from the Broker Reciprocity (BR) of the Central Illinois Board of Realtors. Detailed information about real estate listings held by brokerage firms other than Grissom Schmitz Realty include the name of the listing broker. Neither the listing company nor Grissom Schmitz Realty shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. All properties are subject to prior sale, changes, or withdrawal.

Copyright 2026 Central Illinois Board of Realtors. All rights reserved. This site was last updated 9/14/2026, 3:23:03 PM (Central Time).