Priced at $335,900, the Ullrich Mansion at 314 W Decatur Street in Decatur, Illinois, offers a rare combination of historic elegance, architectural distinction, and immediate income potential.
This exceptional property presents a unique opportunity for both investors and owner-occupants to acquire a proven, cash-flowing multi-family residence while preserving an important piece of Central Illinois history.
Built in 1875, the Ullrich Mansion was originally the home of John Ullrich, a prominent figure in the region during the late 19th and early 20th centuries. Over time, the residence has evolved from a grand single-family home into a thoughtfully designed multi-family property, all while retaining the character and presence that make historic homes so desirable. With more than 4,500 square feet of finished living space, this property is both a sound financial investment and a timeless architectural treasure.
Architectural Significance and Historic Charm
Originally designed in the Italianate style, the mansion has been enhanced over the years into a true showpiece. The addition of a stately tower and welcoming front porch creates a commanding exterior that immediately draws attention.
Tall windows, classic proportions, and intricate detailing showcase the craftsmanship of a bygone era, while modern updates ensure the property meets today’s standards for comfort and functionality.
Set on a generous half-acre lot, the home provides a level of privacy rarely found in multi-family properties. Partial fencing surrounds the grounds, and professionally landscaped areas enhance curb appeal and tenant satisfaction. A pavilion-inspired outdoor space adds further charm, ideal for barbecues, gatherings, or quiet evenings outdoors.
Versatile Multi-Family Layout
One of the most compelling features of the Ullrich Mansion is its flexible, income-generating layout. The property currently functions as a multi-family residence with four to five potential units, perfect for investors seeking immediate returns with long-term upside.
The main level serves as a spacious full-family residence, featuring a large recreation room. This first-floor unit offers the comfort of a traditional home, ideal for owner-occupancy or premium rental rates. Additionally, it could be divided into two separate apartments to increase rental income potential.
The second floor includes three one-bedroom apartments, each designed for efficiency and comfort, appealing to professionals and long-term tenants alike. The unfinished basement provides further opportunity for expansion—it once housed a full bathroom, and existing plumbing could support an additional apartment, boosting cash flow and property value.
Strong Income Performance
The Ullrich Mansion is not only visually impressive—it is a proven income-generating property. Currently, four of the five units are occupied, with a history of strong, consistent tenancy. This demonstrates reliable demand and revenue, making it a smart addition to any investment portfolio.
Whether you are an experienced investor or an owner-occupant looking to offset living costs, the property offers immediate cash flow with room for future growth. Its flexible layout, historic appeal, and prime location support long-term stability and appreciation.
Modern Updates and Improvements
Significant modern upgrades have been completed while preserving the home’s historic character. Improvements include:
Updated electrical systems
Modernized plumbing
Renovated kitchens and bathrooms
Enhanced basement functionality
Improved landscaping and exterior grounds
These updates minimize maintenance concerns and ensure comfort for both owners and tenants, balancing historic charm with modern convenience.
Parking and Additional Structures
The property also features a four-car detached garage, formerly a carriage house, now reserved for tenants. Upper-level storage above the garage adds valuable utility. In total, the property provides four secure parking spaces within the garage—an uncommon and highly desirable feature for multi-family residences.
Ideal for Investors and Owner-Occupants
With six bedrooms and five full bathrooms, the Ullrich Mansion offers exceptional versatility. Investors will value the strong rental history, expansion potential, and historic charm, while owner-occupants can enjoy the luxury of a grand home with income-producing units. Flexible layouts allow buyers to convert spaces, add additional units, or reconfigure the property to suit their financial goals.
A Rare Opportunity
Opportunities like this are rare. The Ullrich Mansion is more than a property—it is a legacy investment that combines history, architectural beauty, and financial performance. Its commanding presence, adaptable layout, modern updates, and income potential make it a standout in the Decatur market.
Whether expanding an investment portfolio or securing a unique property that offers both lifestyle and income benefits, 314 W Decatur Street is a must-see. Schedule a tour today and experience firsthand how this historic mansion can become the crown jewel of your holdings.
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