For sale

$3,450,000

Est. $24,479/mo —

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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 minute ago

•Source:CIBR #6260243

Payment calculator

$24,479 per month

Principal and interest$18,828

Property taxes

$4,702

HOA dues

Home insurance

$949

Utilities

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Open houses

No upcoming open houses.

Nearby open houses (10)

OPEN SAT, 10AM TO 12PM
$199,000
5 beds3 baths2,618 sq ft
2220 N Longwood Dr, Decatur, IL 62526
OPEN SAT, 10AM TO 11:15PM
$120,000
3 beds1 bath864 sq ft
12 Crestview Dr, Decatur, IL 62521
OPEN SAT, 11AM TO 1PM
$170,000
3 beds2 baths2,051 sq ft
3850 N Water St, Decatur, IL 62526
OPEN SAT, 11:45AM TO 1PM
$345,000
3 beds2.5 baths2,810 sq ft
6711 Raintree Ln, Decatur, IL 62521
OPEN SUN, 1AM TO 3PM
$124,900
3 beds1 bath1,452 sq ft
2222 Yorkshire Dr, Decatur, IL 62526
OPEN SUN, 12PM TO 2PM
$169,900
3 beds1.5 baths1,804 sq ft
51 Emerson Dr, Decatur, IL 62526
OPEN SUN, 1PM TO 3PM
$219,900
3 beds2 baths1,530 sq ft
478 Shadow Dr, Decatur, IL 62526
OPEN SUN, 1PM TO 3PM
$125,000
3 beds1.5 baths1,176 sq ft
8 E Imboden Dr, Decatur, IL 62521
OPEN SUN, 1PM TO 3PM
$449,900
4 beds3.5 baths3,441 sq ft
2796 Mount Zion Rd, Decatur, IL 62521
OPEN SUN, 2PM TO 4PM
$182,500
3 beds2.5 baths1,438 sq ft
311 S Linden Ave, Decatur, IL 62522

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

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Lot depth

—

Lot size

4.51 Acres

Year renovated

—

Finished Sq. Ft.

—

Unfinished Sq. Ft.

—

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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

92/ 100

Exceptional sunlight

Sunscore

This home receives average direct sun exposure in Decatur. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.

10.6 hrs

6.4 hrs

JuneDecember

Provided by Shadowmap

Redfin Estimate for 2490 N Water St

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Early Access listings

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EARLY ACCESSCOLDWELL BANKER COMING SOON

Contact for price

4 beds3 baths1,040 sq ft

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$277,000

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EARLY ACCESS@PROPERTIES COMING SOON

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Studio2 baths— sq ft

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EARLY ACCESSCOLDWELL BANKER COMING SOON

$425,000

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New listings for sale in 62526

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OPEN SUN, 12PM TO 2PM

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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

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See this home in person

Nearby open houses (10)

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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