Recently Viewed Properties
See This Home
Save This Listing
Close

View All Photos

$1,225,000 Just Listed

  • For Sale
  • Active
  • Commercial
  • 5,243 Sq. Ft.
  • Updated 6 hours ago
See This Home
Save This Home
See This Home
Save This Home
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.

Full Property Details for 116-118 S Water St

General

  • Price: $1,225,000
  • Taxes: $6,321 (2024)
  • Status: Active
  • Type: Commercial
  • Source: MRED
  • MLS ID: 12631492
  • Updated: 4/29/2026
  • Added to Site: 2 day(s) ago

Interior

  • Interior Features: Accessible Entrance, Accessible Washroom/s, Multi-Tenant, Overhead Door(s), Private Restroom(s), Public Restroom(s), Laundry Room
  • Flooring: Concrete, Other

Additional Information

  • Security/Safety: Smoke or Fire Protectors, Carbon Monoxide Detector(s)

Location

  • Area: Wilmington
  • County: Will
  • Township: Wilmington
  • Driving Directions: just South of the intersection of E. Baltimore St
  • Location Details: Central Business District, Riverfront, Waterfront, Water View, In City Limits, High Traffic Area

Heating & Cooling

  • Cooling Type: Central Air Conditioning
  • Heating Type: Forced Air

Structural Information

  • Construction: Block, Wood
  • Exterior Const.: Block, Wood
  • Foundation: Concrete Perimeter
  • Sub-Flooring: Concrete, Other
  • Stories/Levels: 1
  • Square Feet: 5,243
  • Current Bldg. Use: Commercial, Office
  • Year Built: 1914

Unit Information

  • # Tenants: 8

Lot Features

  • Lot Size (Sq. Ft.): 13,068
  • Lot Dimensions: 99 x 132 x 99 x 132
  • Frontage: City Street
  • Zoning: COMMR

Financial Considerations

  • For Sale/Rent/Lease: For Sale Only
  • Insurance Fee: $4,400
  • Operating Expenses: $22,106
  • Other Fee: $2,130
  • Security Deposit: Smoke or Fire Protectors, Carbon Monoxide Detector(s)
  • Assessment Year: 1914
  • Tax Amount: $6,321.6
  • Tax Year: 2024
  • Tenant Pays: Electricity, Heat, Repairs, Sewer, All Utilities, Trash Collection
  • Pays Electric: 2160

Disclosures and Reports

  • Property ID: 317253140110000

Listed by RE/MAX Ultimate Professionals

Quickly Find Out More

* Indicates a required field

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Send Message, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If an Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby’s International Realty®). I acknowledge that I have read and agree to the Terms of Use and Privacy Notice.

We Value Your Privacy

Listing agents

— 116-118 S Water St —

  • RE/MAX Ultimate Professionals

  • RE/MAX Ultimate Professionals

Get Pre-Approved Today

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Get a Great Insurance Rate

Find the right home insurance for your new home!

with our affiliated in-house agency

Request a Quote

Save up to an additional 20% by bundling your home and auto together!

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Find the right home insurance for your new home!

with our affiliated in-house agency

Request a Quote

Save up to an additional 20% by bundling your home and auto together!

Price & Sales History for 116-118 S Water St Get Price Alerts and Save Property

Date
Details
Price
Change
Source
4/28/2026
Listed
$1,225,000
490.36%
MLS
2/22/2024
Sold
$207,500
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 116-118 S Water St

Year
Property Taxes
Change
Tax Assessment
Change
2024
$6,322
-2%
$83,492
—
2023
$6,465
—
$83,492
—
2022
$6,450
-3%
$83,492
—
2020
$6,669
-1%
$83,492
—
2019
$6,731
-1%
$83,492
—
2018
$6,768
-1%
$83,492
—
2017
$6,832
—
$83,492
—
2016
$6,801
103%
$83,492
109%
2015
$3,358
-52%
$39,876
-52%
2014
$7,028
5%
$83,492
—
2013
$6,664
7%
$83,492
—
2012
$6,245
—
$83,492
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Estimate the Cost for 116-118 S Water St

$
Down Payment
%
$
%

$
$

*These costs are estimates, and the interest rates assume exceptional credit standing.

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Listed by RE/MAX Ultimate Professionals

Just Listed near 116-118 S Water St

This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.

797 Kyle Ct, Braidwood, IL 60408 - Photo 1 Just Listed
$317,000

797 Kyle Ct  Braidwood, IL 60408

  • Single Family
  • Active
  • Updated 3 hours ago
  • 3
    Beds
  • 3
    Total Baths
  • 1,792
    Sq. Ft.
17249 W Rob Ave, Elwood, IL 60421 - Photo 1 Just Listed
$425,000

17249 W Rob Ave  Elwood, IL 60421

  • Single Family
  • Active
  • Updated 22 minutes ago
  • 4
    Beds
  • 3
    Total Baths
  • 2,100
    Sq. Ft.
0 E North St, Coal City, IL 60416 - Photo 1 Just Listed
$175,000

0 E North St  Coal City, IL 60416

  • Lots/Land
  • Active
  • Updated 2 days ago
  • 1.42
    Acres
0000 Circle Dr, Coal City, IL 60416 - Photo 1 Just Listed
$425,000

0000 Circle Dr  Coal City, IL 60416

  • Lots/Land
  • Active
  • Updated 2 days ago
  • 4
    Acres

Price Reduced near 116-118 S Water St

This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.

158 S Railroad St, Braidwood, IL 60408 - Photo 1 Price Reduced
-$5,000 (-3.71%)
$129,900

158 S Railroad St  Braidwood, IL 60408

  • Single Family
  • Active
  • Updated 2 days ago
  • 4
    Beds
  • 1
    Total Bath
  • 1,728
    Sq. Ft.
466 W 2nd St, Braidwood, IL 60408 - Photo 1 Price Reduced
-$5,000 (-2.17%)
$224,900

466 W 2nd St  Braidwood, IL 60408

  • Single Family
  • Active
  • Updated 13 hours ago
  • 3
    Beds
  • 1
    Total Bath
  • 900
    Sq. Ft.
21433 S Wooded Cove Dr, Elwood, IL 60421 - Photo 1 Price Reduced
-$25,000 (-2.27%)
$1,074,999

21433 S Wooded Cove Dr  Elwood, IL 60421

  • Single Family
  • Active
  • Updated 22 minutes ago
  • 5
    Beds
  • 5
    Total Baths
  • 6,500
    Sq. Ft.
318 W Main St, Braceville, IL 60407 - Photo 1 Price Reduced
-$10,000 (-5.89%)
$159,900

318 W Main St  Braceville, IL 60407

  • Single Family
  • Active
  • Updated 1 day ago
  • 3
    Beds
  • 1
    Total Bath
  • 1,440
    Sq. Ft.

116-118 S Water Street, Wilmington, IL 60481 (MLS# 12631492) is a Commercial property. 116-118 S Water Street is currently listed for $1,225,000 and was received on April 28, 2026. Want to learn more about 116-118 S Water Street? Do you have questions about finding other Commercial real estate for sale in Wilmington? You can browse all Wilmington real estate or contact a Coldwell Banker agent to request more information.

Tour this property