2220 Monroe St Decatur, IL 62526

This exceptional 12,898 square foot medical office building, situated on 1.25 acres in Decatur, Illinois, presents a compelling investment opportunity. Currently operating under a Net Lease agreement with a credit-rated tenant, the property boasts 8 versatile office spaces, ideal for medical or dental practices. Built in 1970 and renovated in 2018, the single-story building features 55 parking spaces and is zoned for commercial use. The property enjoys a strategic location near Decatur Memorial Hospital and Monroe Park, benefiting from the hospital's ongoing $39 million expansion project and St. Mary's recent $31 million expansion. Currently, occupancy is at 15%, generating a current NOI of $10,000 and a 4.00% cap rate. However, a pro-forma NOI of $228,000 and a pro-forma cap rate of 91.24% demonstrate significant upside potential. The property is subject to a ground lease expiring January 29, 2079, offering 55 years of remaining lease term. The asking price is $249,900, representing a price per square foot of $19.38. Rent bumps are set at 2% annually. This presents a rare chance to acquire a well-positioned medical office building in a growing healthcare market. The property is offered for sale by owner.