116-118 S Water Street Wilmington, IL $ 1,165,000
116-118 S Water Street
$ 1,165,000
Recently Listed New Construction
Share Save

116-118 S Water Street

Wilmington, IL, 60481
$ 1,165,000
Bedrooms-- Baths-- Sq 5,243
116-118 S Water Street, Wilmington, IL 60481 - Image 1
116-118 S Water Street, Wilmington, IL 60481 - Image 2
116-118 S Water Street, Wilmington, IL 60481 - Image 3
116-118 S Water Street, Wilmington, IL 60481 - Image 4
116-118 S Water Street, Wilmington, IL 60481 - Image 5
116-118 S Water Street, Wilmington, IL 60481 - Image 6
116-118 S Water Street, Wilmington, IL 60481 - Image 7
116-118 S Water Street, Wilmington, IL 60481 - Image 8
116-118 S Water Street, Wilmington, IL 60481 - Image 9
116-118 S Water Street, Wilmington, IL 60481 - Image 10
116-118 S Water Street, Wilmington, IL 60481 - Image 11
116-118 S Water Street, Wilmington, IL 60481 - Image 12
116-118 S Water Street, Wilmington, IL 60481 - Image 13
116-118 S Water Street, Wilmington, IL 60481 - Image 14
116-118 S Water Street, Wilmington, IL 60481 - Image 15
116-118 S Water Street, Wilmington, IL 60481 - Image 16
116-118 S Water Street, Wilmington, IL 60481 - Image 17
116-118 S Water Street, Wilmington, IL 60481 - Image 18
116-118 S Water Street, Wilmington, IL 60481 - Image 19
116-118 S Water Street, Wilmington, IL 60481 - Image 20
116-118 S Water Street, Wilmington, IL 60481 - Image 21
116-118 S Water Street, Wilmington, IL 60481 - Image 22
116-118 S Water Street, Wilmington, IL 60481 - Image 23
116-118 S Water Street, Wilmington, IL 60481 - Image 24
116-118 S Water Street, Wilmington, IL 60481 - Image 25
116-118 S Water Street, Wilmington, IL 60481 - Image 26
116-118 S Water Street, Wilmington, IL 60481 - Image 27
116-118 S Water Street, Wilmington, IL 60481 - Image 28
116-118 S Water Street, Wilmington, IL 60481 - Image 29
116-118 S Water Street, Wilmington, IL 60481 - Image 30
116-118 S Water Street, Wilmington, IL 60481 - Image 31
116-118 S Water Street, Wilmington, IL 60481 - Image 32
116-118 S Water Street, Wilmington, IL 60481 - Image 33
116-118 S Water Street, Wilmington, IL 60481 - Image 34
116-118 S Water Street, Wilmington, IL 60481 - Image 35
116-118 S Water Street, Wilmington, IL 60481 - Image 36
116-118 S Water Street, Wilmington, IL 60481 - Image 37
116-118 S Water Street, Wilmington, IL 60481 - Image 38
116-118 S Water Street, Wilmington, IL 60481 - Image 39
116-118 S Water Street, Wilmington, IL 60481 - Image 40
116-118 S Water Street, Wilmington, IL 60481 - Image 41
116-118 S Water Street, Wilmington, IL 60481 - Image 42
116-118 S Water Street, Wilmington, IL 60481 - Image 43

Property for Rent in Wilmington, IL

for $1,165,000. This 5,243 square foot property was built in 1914 on a lot size of 0.3.

Prime Downtown Wilmington Mixed-Use Investment Opportunity-Turnkey, Leased and Exceptionally Versatile. Welcome to 116-118 S. Water Street, a professionally rehabbed mixed-use commercial property offering a rare combination of retail, bar, and office suites in the heart of downtown Wilmington. Thoughtfully renovated with designer-level finishes, this essentially new-construction building has been reimagined for flexibility, functionality, and long-term appeal. Featuring a blend of turnkey leased spaces, the property is well-suited for investors seeking income-producing real estate or owner-users looking for a dynamic business environment. All bathrooms are ADA compliant, and the property is zoned B-2A, allowing for a wide range of potential uses. Ideally positioned along the water in Wilmington's downtown corridor, the property offers a unique waterfront setting that enhances its appeal for retail, hospitality, office, or entertainment uses, while benefiting from excellent visibility, accessibility, and strong presence. This is an exceptional opportunity to add a quality mixed-use asset to your investment portfolio.

See more

Rental Active

Price

$ 1,165,000

Taxes

$ 6,321

Style

Commercial,Office

Lot Size

0.3

Year Built

1914

Town/City

Wilmington

County/Region

Will

MLS | Web ID

12631492

Features
General
Cooling Central Air
Zoning COMMR
Construction Materials Block Wood
Year Built 1914
Electric Circuit Breakers Separate Meters
Tenant Pays Electricity Heat Repairs Sewer All Utilities Trash Collection
Stories Count 1
Township Wilmington
Property Subtype Other
Tax Year 2024
Current Use Commercial Office
Gross Income 101100
Assoc Fee Paid Per Not Applicable
County Will
Net Operating Income 84993
Operating Expense 22106
Insurance Expense 4400
Property Type Commercial Sale Retail/Stores
Status Price Change
Directions just South of the intersection of E. Baltimore St
City Wilmington
Number Of Units Total 10
MLS Area Wilmington
Lot Size Square Feet 13068
Tax Annual Amount 6321.6
Electric Expense 2160
Fuel Expense 840
Trash Expense 0
Water Sewer Expense 1200
Additional Parcels Y/N N
Leasable Area 0
Lease Type Modified Gross
Standard Status Active
Cap Rate 7
See more
Interior
Flooring Concrete Other
See more
Exterior
Foundation Details Concrete Perimeter
Building Area Total 5243
Lot Dimensions 99x132x99x132
Frontage Type City Street
See more
* Excluded Features
List By
Re/Max Ultimate Professionals

Broker

danielcondon89@gmail.com;closingwiththecondons@gmail.com

Email

Nearby
565567 Elementary School
567955 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
5/12/2026$1,165,000 -4.90% Price Down
4/29/2026$1,225,000 Listed Price

Map


See all


116-118 S Water Street, Wilmington, IL, 60481 is a Property for Rent at $1,165,000 with 5,243 sqft and a lot size of 0.3. 116-118 S Water Street was built in 1914. The property's zip code is 60481 which is in Wilmington, IL