314 W Decatur St

Seize a rare investment opportunity with immediate cash flow (3 of the 4 units occupied - could be 5) and ownership of the historic Ullrich Mansion, once home to John Ullrich, one of Central Illinois' most distinguished figures of the late 1800s and early 1900s. This grand residence, built in 1875, offers over 4,500 square feet of beautifully finished living space. Initially designed in the Italianate style, it was later transformed into a masterpiece, complete with a stately tower and an inviting front porch. Since then, thoughtful renovations to turn this large home into a multi-family property have been completed, featuring a versatile layout: a full-family home on the first floor with three bedrooms, two baths, a living room, a family room, a kitchen, a dining room, and a rec room. The main level could be converted into two separate apartments. Three one-bedroom apartments are located on the second floor. This property is ideal for both personal living and rental income. The unfinished basement once had a full bathroom (plumbing and amenities still in place)and could be renovated into another apartment. Recent updates include modern electrical and plumbing systems, renovated kitchens and bathrooms, an intensively improved basement, and enhanced exterior grounds. The carriage house, now a four-car detached garage reserved for tenants, also offers ample upper-level storage. The property, nestled on a spacious half-acre lot, offers privacy with its partial fencing and a pavilion-inspired area perfect for lively barbecues and gatherings. With four of the five units currently occupied and a strong history of full occupancy, this is a proven income-generating gem. Schedule a tour today and make this remarkable property a standout in your portfolio!!!