2490 N Water St, Decatur, IL 62526
Est: $22,238/moGet pre-approved

Description

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...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.
LISTING UPDATED: 08/10/2026 03:16 PM

  1. Listed by Zane Peterson • Main Place Real Estate
    P: (217) 454-8800 C: (217) 454-8800 zane@mainplace.us

Property Details for 2490 North Water Street

Status
MLS #
6260243
Days on Market
13
Taxes
$56,422 / year
HOA Fees
-
Condo/Co-op Fees
-
Property Type
MLS Type
Residential Income / Multi Family
Year Built
1975
Lot Size
4.51 AC / 196,455 SF
Subdivision Name
Robert L Logans 1st Add
Has Waterfront
No
Zoning
O-1

Location

Listing Courtesy of Main Place Real Estate
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Building Information for 2490 North Water Street

Stories2Residences83Year Built1975Building Size-Lot Size4.51 AC / 196,455 SF

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$22,238 per month

30 year fixed, 6.55% Interest

Principal and Interest

$17,536

Property Taxes

$4,702

HOA Dues

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Property Information for 2490 North Water Street

Summary
Location and General Information
  • Carrier Route: C056
  • Latitude: 39.868647
  • Longitude: -88.954082
Taxes and HOA
  • Parcel Number: 04-12-02-301-001
  • Tax Annual Amount: $56,422.00
  • Tax Year: 2024
School Information
  • Elementary School District: Decatur Dist 61
  • High School District: Decatur Dist 61
  • Middle Or Junior School District: Decatur Dist 61
Parking
  • Carport: No
  • Garage: No
Property
Lot Information
  • Lot Size Acres: 4.51
  • Lot Size Area: 4.51
  • Lot Size Units: Acres
  • Lot Size Square Feet: 196456.0
Property and Assessments
  • Living Area Source: Public Records
  • Property Sub Type: Multi Family
  • Property Type: Residential Income
  • Year Built: 1975
  • Year Built Source: Public Records
Building Features
  • Levels: Two
  • Roof: Other
  • Stories: 2
  • Total Stories: 2
Utilities
  • Sewer: Public Sewer
  • Water Source: Public
Interior and Exterior Features
Interior Features
  • Appliances: Electric Water Heater
  • Cooling: Other
  • Has Cooling: Yes
Multi Family
Multi Family Information
  • Number Of Units Total: 83
Income & Expenses
  • Gross Scheduled Income: $563,870
  • Operating Expense: $261,067.00

Property History for 2490 North Water Street

DateEvent & SourcePriceAppreciation
Aug 10, 2026

Listed (Active)

Central Illinois Board of REALTORS #6260243

$3,450,000
DateEvent & SourcePrice
08/10/2026

Listed (Active)

Central Illinois Board of REALTORS #6260243

$3,450,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 2490 North Water Street

Taxable ValueLand$267,450Additions$357,759Total$625,209
Tax Record2025$58,347 ($4,862 / month)
Home Facts
Lot Size196,456 SqFtStyleOffice BuildingZoningMUNICIPALCountyMACONAPN04-12-02-301-001

Schools near 2490 North Water Street

This home is within Decatur School District 61.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Public - PK to 8
Rating
School
Distance
Parsons Accelerated School
PublicK to 6

Stephen Decatur Middle School
Public7 to 8

Eisenhower High School
Public9 to 12

Garfield Montessori School
PublicPK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

2490 North Water Street is a multi-family home for sale in Decatur, IL 62526. This property was listed for sale on August 10, 2026 by Main Place Real Estate, it's currently listed at $3,450,000. This listing's school district is Decatur School District 61. Nearby schools include Parsons Accelerated School, Stephen Decatur Middle School and Eisenhower High School. 2490 North Water Street is a 0-bed, 0-bath multi-family home built in 1975.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Main Place Real Estate

The data relating to real estate for sale on this website comes in part from the Internet Data exchange (IDX) program of Central Illinois Board of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright ©2026 Central Illinois Board of REALTORS®. All rights reserved.