Investorlift

Decatur, IL

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Decatur, IL

$440,000 · DECATUR, IL 62522
Works for flippers · Landlords would lose money

Available

$440,000Asking price

12 bd · 12 ba · 8,000 sq ft · built 1976

DECATUR, IL 62522

No contract on file

via InvestorLift Classic

Listed Sep 22

Works for flippers

Landlords would lose money

The Numbers

Flip

Rental

Sells for (ARV)From the listing: $650,000
Asking price: −$440,000
RepairsMiddle of the seller’s $15,000 – $20,000. Ours: $88,000 – $183,500: −$17,500
Loan, holding, closing20% down, 12% interest, 2 points, 67 days: −$47,494
Profit22.3% of ARV · flippers want 10%+: $145,006
Works

Works for a flipper up to $515,000.

GXP HOMEBUYERS

Andrew Gochenour

No reviews yet

Comps

Sales

Rents

ARV $650,000

From the listing

The seller picked no comps.

The sales behind this value are shown to members.

ARV $650,000

From the listing

The seller picked no comps.

The sales behind this value are shown to members.

GXP HOMEBUYERS

Andrew Gochenour

No reviews yet

Seller Description

320 W Main St | 11-Unit Multifamily | Downtown Decatur, IL

Updated and Refreshed 11-unit brick apartment building steps from Downtown Decatur. The property offers a mix of 10 one-bedroom / one-bath units and one two-bedroom / one-bath unit, providing diversified rental income in a walkable location near shopping, dining, entertainment, public transit, and Millikin University.

Highlights include solid brick construction, off-street parking, controlled access, (Value add) on-site laundry, and a strong downtown rental location. Units have been renovated with updated bathrooms, modern flooring, and refreshed interiors.

This is an attractive opportunity for an investor seeking immediate cash flow with additional upside through continued rent optimization and light value-add improvements.

Property Details:

• 11 units / 3 stories

• Approx. 8,000 SF building

• Approx. 6,186 SF lot

• 10 × 1 bed / 1 bath units

• 1 × 2 bed / 1 bath unit

• Downtown Decatur, IL 62522

• Close to Millikin University, downtown amenities, and major employers

Buyer to independently verify all unit counts, rents, expenses, condition, and financials.

If interested please contact Kyle or Andrew at 678-831-7054

Financial Summary:

- Asking Price: $440,000

- Market / potential gross rent: $9,986/month (11 units: ten 1BR at $887/mo + one 2BR at $1,116/mo; market rents at Decatur Housing Authority 2026 payment standards)

- Pro forma NOI: $82,026 (18.6% cap rate at asking price)

- T12 NOI: $19,031

- In-place occupied rent: $3,825/mo

- Occupancy: 8 of 11 units committed (6 occupied + Unit 5 leased for Dec 1 + Unit 11 approved)