For sale

$3,450,000

Est. $23,782/mo —

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•

— ba

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sq ft

2490 N Water St, Decatur, IL 62526

About this home

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.

Multi-familyProperty Type

1975Year Built

4.51 acresLot Size

Listed by Zane Peterson • Main Place Real Estate

Listing updated: Aug 10, 2026 at 03:16pm

Redfin checked: a few seconds ago

•Source:CIBR #6260243

Payment calculator

$23,782 per month

Principal and interest$18,131

Property taxes

$4,702

HOA dues

Home insurance

$949

Utilities

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Nearby open houses (2)

Around this home

Schools

K - 12
Preschool & daycare

Parsons Accelerated School

Public K-6 • Assigned • 1.3mi

2/10

Stephen Decatur Middle School

Public 7-8 • Assigned • 1.3mi

2/10

Macarthur High School

Public 9-12 • Assigned • 1.7mi

2/10

Provided by GreatSchools

About The

Elms

The Elms, located between Millikin University and downtown Decatur, is a residential and historic Decatur neighborhood with tree-lined streets and early-20th-century architecture. The neighborhood’s character concentrates around the Millikin campus edge near Fairview Park, where walkers, cyclists, and porch-lit blocks set a steady, lived-in rhythm. Brick foursquares, classic bungalows, and larger period homes define the streetscape, with deep lawns and mature canopy trees shaping the feel. Fairview Park’s paths and open greens act as an outdoor living room for the area. Millikin University adds a cultural pulse through performances and campus events. Downtown’s theaters, galleries, and independent dining sit a short drive away, keeping the setting calm while still connected to city life.

Provided by Walk Score and Local Logic

Property details

Interior
Exterior
Finance

Interior features
Electric water heater
Has cooling
Other cooling type

Sale and tax history for 2490 N Water St

Sale History
Tax History

Year

Property tax

Land + Additions

Assessment*

2025

$58,347 (+3.4%)

$267,450 + $357,759

$625,209

2024

$56,422 (+0.8%)

$267,450 + $357,759

$625,209

2023

$55,953 (+5.8%)

$249,324 + $333,513

$582,837

2022

$52,904 (+6.4%)

$240,498 + $321,706

$562,204

2021

$49,708 (−2.1%)

$218,933 + $289,959

$508,892

2020

$50,761 (+3.6%)

$207,835 + $275,260

$483,095

2019

$48,986 (+6.4%)

$200,169 + $265,106

$465,275

2018

$46,045 (−2.3%)

$198,187 + $262,481

$460,668

2017

$47,130 (−1.9%)

$198,843 + $239,409

$438,252

2016

$48,028 (+5.2%)

$206,234 + $248,308

$454,542

2015

$45,638 (+7.7%)

$202,587 + $243,917

$446,504

2014

$42,379 (−1.7%)

$200,581 + $241,502

$442,083

2013

$43,122

$208,115 + $250,573

$458,688

Public record

Public record
Zoning

Beds

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Baths

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Stories

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Lot width

—

Lot depth

—

Lot size

4.51 Acres

Year renovated

—

Finished Sq. Ft.

—

Unfinished Sq. Ft.

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Total Sq. Ft.

—

Year built

—

Style

Multi-Family (5+ Unit)

County

Macon County

APN

04-12-02-301-001

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Aug 14, 2026.

Historical weather

Decatur, IL • 62526

Average low and high temperatures (°F)

Jan

Feb

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Jun

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Sun exposure

In this area, properties receive around 10.2 hours in June and 3.9 hours in December, which is comparable to the U.S. average for solar exposure.

10.2 hrs

3.9 hrs

JuneDecember

Provided by Shadowmap

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Details provided by CIBR and may not match the public record. Learn more.

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GreatSchools Ratings provided by GreatSchools.org.

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About this home

Payment calculator

See this home in person

Nearby open houses (2)

Around this home

Schools

Property details

Sale and tax history for 2490 N Water St

Public record

Historical weather

Sun exposure

Redfin Estimate for 2490 N Water St

Early Access listings

Nearby similar homes

New listings for sale in 62526

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