Priced at $39,900—which breaks down to $13.22 per square foot and $31,920.00 per acre—this historic 1875 Italianate brick residence at 303 N Broadway Street in Newman, Illinois (ZIP 61942, Douglas County) presents a major historic restoration or land re-development opportunity in Central Illinois. Initially listed by owner on June 5, 2026, for $32,000, the asking price was adjusted upward by +$7,900 (+24.7%) on July 7, 2026, to $39,900.
Occupying a 1.25-acre lot adorned with mature shade trees, the 2-story, 3,019-square-foot red brick structure features period-era architectural craftsmanship, including ornate decorative eaves brackets, tall arched windows, twin bay window projections, and an intricate covered front porch. Sold strictly AS-IS, the home requires a full-scale historic renovation or complete demolition, lacking active HVAC systems, hot water infrastructure, or functional appliances, but benefiting from active connections to municipal water and public sewer services.
Core Property Specifications & Technical Baseline
Evaluating Douglas County public property records (Parcel ID: 07063120701100), listing disclosures, and local tax assessment records establishes the technical baseline parameters for this Newman property.
Architectural Significance, Structural Audit, & Site Dynamics
1. Exterior Architectural Millwork & Masonry
- Historic Italianate Brick Shell: Constructed in 1875, the home exhibits double-wythe red brick exterior walls. Structural highlights include decorative carved eaves brackets, arched window openings with masonry headers, decorative bay window extensions, and a transom-window front entrance.
- Site Footprint & Grounds: The 1.25-acre parcel provides a deep residential footprint (145′ frontage extending up to 300′ in depth), shaded by mature oak and maple trees. The site includes a detached timber-frame garage/barn structure in need of structural restoration.
2. Mechanical Systems & Interior Rehab Requirements
- Total Absence of MEP Systems: The interior lacks functioning mechanical, electrical, and plumbing (MEP) infrastructure. The property contains no central heating or air conditioning, no active hot water tank, and no kitchen appliances.
- Renovation vs. Demolition Threshold: Due to water intrusion and deferred maintenance, the structure requires a total interior gut renovation—including subfloor rebuilding, mechanical roughein, window restoration, and brick repointing—or complete site demolition to clear 1.25 acres for new residential construction.
Unbundled Valuation & Asset Allocation Breakdown
To evaluate the $39,900 asking price, the property’s acquisition cost can be unbundled across raw residential land, utility hookup values, historic brick structural framing, and outbuilding assets:
Projected Capital Expenditure (CapEx) & Restoration Budget
Rehabilitating this 3,019 sq. ft. 1875 brick home into a modern residence requires a high-volume historic renovation budget:
Regional Comparative Market Analysis (CMA)
Comparing 303 N Broadway Street against recent residential sales and land offerings in Newman and surrounding Douglas County provides market context:
Market Positioning Takeaways
- Extreme Entry-Level Valuation: At $13.22/sq. ft., the asking price reflects the heavy capital expenditure needed to make the property habitable.
- Minimal Carrying Overhead: With property taxes assessed at just $3.00 per year (2024 tax baseline) and $0 HOA fees, the ongoing holding costs during a multi-year restoration project are virtually zero.
Strategic Advantages vs. Critical Risk Factors
Strategic Advantages (Pros)
- Rare Architectural Character: Solid 1875 red brick construction featuring Italianate brackets, bay windows, and arched window frames.
- Generous 1.25-Acre In-Town Lot: Provides a substantial residential parcel with mature trees and outbuilding space within town limits.
- Municipal Utilities Active: Serviced by public water and public sewer connections, avoiding well/septic installation costs.
- Negligible Holding Costs: Property taxes of $3.00/year allow long-term holding without tax overhead.
Critical Risk Factors (Cons)
- Extensive Capital Requirement: Requires $100K–$200K+ in renovation capital for HVAC, electrical, plumbing, roof, and interior rebuild.
- Demolition Alternative Expense: Demolishing a 3,019 sq. ft. brick structure can cost $15,000–$25,000 before clearing the lot for new construction.
- Non-Traditional Financing Focus: AS-IS condition without functioning heat or hot water restricts standard conventional mortgage financing, requiring cash or construction loan capital.
Target Buyer Compatibility Matrix
Essential Buyer Due Diligence Roadmap
- Perform Structural & Masonry Inspection: Engage a structural engineer to evaluate the integrity of the brick exterior walls, load-bearing floor joists, and foundation piers.
- Obtain Demolition & Rehabilitation Quotes: Collect written bids for both full structural restoration and total building demolition to compare net land value vs. rehab costs.
- Verify Municipal Utility Connections: Confirm the location and operational status of public water and public sewer lateral lines with the City of Newman.
- Conduct Property Line & Boundary Survey: Survey the 1.25-acre lot boundaries (145′ x 300′ parcel profile) to establish property lines around the outbuildings and mature trees.
- Review Douglas County Zoning & Building Codes: Confirm local residential zoning guidelines for accessory structures, historic alterations, or new residential site construction.
303 N Broadway Street in Newman, IL, presents a unique restoration project or land acquisition. Offered at $39,900 ($13.22/sq. ft.) for a 3,019 sq. ft. historic brick structure on 1.25 acres, its primary value rests in its 1875 Italianate architecture, serviced 1.25-acre land footprint, public water/sewer connections, and $3/year holding taxes. For preservationists, contractors, or land investors equipped for a full-scale renovation or site redevelopment, this property offers significant raw potential at an accessible purchase price.
Listed on Zillow