160-190 N. Merchant Street 154-190 N Merchant St 17,784 SF 100% Leased Retail Building Decatur, IL 62523 $545,000 ($30.65/SF)

Historic mixed-use investment opportunity in the heart of Downtown Decatur. Located at 160–190 N. Merchant Street, the 'Post Building', originally constructed in 1888, is a three-story brick storefront property situated at the corner of Merchant Street and Prairie Avenue, surrounded by downtown dining, boutiques, entertainment, offices, public services, and civic activity. The building includes a mix of restaurant, retail, office, and residential uses, offering both stabilized income potential and upside through lease-up of available space.
The property totals approximately 12,291 square feet and features multiple street-level commercial spaces, upper-floor office/flex space, and a furnished apartment currently used for corporate housing and short-term rental guests. The first floor is configured for two storefront commercial spaces and common area with elevator and staircase. Street level spaces include Goodfella's Cigars and a vacant restaurant space that was longtime home to downtown pizza and pub operation. Upper levels spaces include an office lease, Taproot Restaurant, and residential loft. Existing tenants and uses create a diversified income profile, while the vacant restaurant space provides an immediate value-add opportunity.
The second floor includes restaurant/bar improvements and dining areas, while the third floor offers flexible office or studio space with strong natural light, downtown views, elevator access, and walk-up stair access. The furnished apartment includes modern finishes, kitchen, bathroom, and living space, supporting continued use as corporate housing, short-term rental, or traditional residential tenancy.
The building benefits from recent updates, functional mixed-use layout, separately metered gas and electric service. Situated in the Decatur Central TIF District - the downtown area has seen continued public and private reinvestment, including streetscape improvements, parking enhancements, and ongoing redevelopment activity. The buildings historic character, central location, multiple income streams, and available lease-up upside, the Post Building offers a rare opportunity to acquire a recognizable downtown asset with both current utility and long-term repositioning potential.