Priced at $335,900, the Ullrich Mansion at 314 W Decatur Street in Decatur, Illinois
A Historic Investment Opportunity: The Ullrich Mansion at 314 W Decatur St, Decatur, IL
Priced at $335,900, the Ullrich Mansion at 314 W Decatur Street in Decatur, Illinois represents a rare blend of historic elegance, architectural distinction, and immediate income potential.
This remarkable property offers investors and owner-occupants alike the opportunity to acquire a proven, cash-flowing multi-family residence while preserving a significant piece of Central Illinois history.
Built in 1875, the Ullrich Mansion was once the home of John Ullrich, one of the region’s most distinguished figures during the late 1800s and early 1900s.
Over the decades, the residence has evolved from a grand single-family home into a thoughtfully designed multi-family property, all while maintaining the character and presence that make historic homes so desirable. With over 4,500 square feet of finished living space, this property stands as both a financial asset and a timeless architectural treasure.
Architectural Significance and Historic Charm
Originally designed in the Italianate architectural style, the mansion later underwent enhancements that elevated it into a true showpiece. The addition of a stately tower and an inviting front porch created a commanding exterior that immediately captures attention.
Tall windows, classic proportions, and intricate detailing reflect the craftsmanship of a bygone era, while modern updates ensure the property meets today’s living standards.
Set on a spacious half-acre lot, the home offers a level of privacy rarely found in multi-family properties. Partial fencing surrounds the grounds, and the landscaped exterior provides an attractive setting that enhances both curb appeal and tenant satisfaction.
A pavilion-inspired outdoor area adds further charm, creating the perfect space for barbecues, gatherings, or relaxed evenings outdoors.
Versatile Multi-Family Layout
One of the most compelling aspects of the Ullrich Mansion is its flexible and income-driven layout. The property currently functions as a multi-family residence with four to five potential units, making it ideal for investors seeking immediate returns with long-term upside.
The main level is configured as a spacious full-family residence featuring:
Three bedrooms
Two full bathrooms
A living room
A family room
A formal dining room
A well-appointed kitchen
A recreation room
This expansive first-floor unit offers the comfort and space of a traditional home, making it ideal for owner-occupancy or premium rental pricing. Additionally, the layout allows for the possibility of dividing the main level into two separate apartments, increasing rental income potential.
The second floor contains three one-bedroom apartments, each designed for efficiency and comfort. These units appeal to a wide range of tenants, from professionals to long-term renters, contributing to the property’s strong occupancy history.
The unfinished basement presents another opportunity for expansion. The space once housed a full bathroom, and the existing plumbing and amenities remain in place. With renovation, the basement could be converted into an additional apartment, further enhancing cash flow and property value.
Strong Income Performance
This property is not just visually impressive—it is a proven income-generating asset. Currently, four of the five units are occupied, with a strong history of full occupancy. This track record demonstrates consistent tenant demand and reliable revenue, making the Ullrich Mansion a smart addition to any investment portfolio.
Whether you are an experienced investor or someone looking to live on-site while generating rental income, this property offers immediate cash flow with room for future growth. The combination of unit flexibility, historical appeal, and location supports long-term stability and appreciation.
Modern Updates and Improvements
While the home’s historic character has been carefully preserved, significant modern upgrades have been completed to ensure functionality and efficiency. Recent improvements include:
Updated electrical systems
Modernized plumbing
Renovated kitchens and bathrooms
An intensively improved basement
Enhanced exterior grounds and landscaping
These updates reduce maintenance concerns and provide peace of mind for both owners and tenants. The renovations have been executed thoughtfully, balancing modern convenience with historic integrity.
Parking and Additional Structures
Another standout feature is the carriage house, now serving as a four-car detached garage reserved for tenants. This amenity adds significant value, especially in a multi-family setting where parking can be a deciding factor for renters. Above the garage, ample upper-level storage offers additional utility and flexibility.
The property includes four total parking spaces, all within the detached garage, ensuring secure and convenient parking for occupants.
Ideal for Investors and Owner-Occupants
With six bedrooms and five full bathrooms, the Ullrich Mansion provides exceptional versatility. Investors will appreciate the strong rental history, expansion potential, and historic charm that sets this property apart from standard multi-family offerings.
Owner-occupants can enjoy the luxury of living in a grand historic residence while offsetting expenses through rental income from the additional units.
The ability to convert spaces, add another apartment, or reconfigure existing units allows buyers to tailor the property to their financial goals.
A Rare Opportunity
Opportunities like this do not come along often. The Ullrich Mansion is more than a property—it is a legacy investment that combines history, architecture, and financial performance. Its commanding presence, flexible layout, modern updates, and income-producing potential make it a standout offering in the Decatur market.
Whether you are looking to expand your investment portfolio or secure a unique property that offers both lifestyle and income benefits, 314 W Decatur Street deserves your attention. Schedule a tour today and experience firsthand how this remarkable historic mansion can become the crown jewel of your real estate portfolio.
FROM ZILLOW
