507 Springfield Avenue,Urbana, IL 61801
Urbana, IL 61801
Description
Unlock an exceptional redevelopment opportunity in the heart of downtown Urbana with this unique assemblage consisting of 510 W Elm Street and 507 W Springfield Avenue. Encompassing a total of .54 acres, this offering presents a rare opportunity for developers to capitalize on one of the region's strongest multifamily and mixed-use markets. The package includes 510 W Elm Street, a .41-acre on-grade parking lot currently zoned Mixed Office Residential (MOR), and 507 W Springfield Avenue, a .13-acre parcel improved with an approximately 2,000-square-foot office building and zoned B-2 Neighborhood Business-Arterial District. Located just minutes from the University of Illinois campus and surrounded by the amenities and energy of downtown Urbana, both zoning classifications permit a wide range of residential and commercial uses, including mixed-use developments that combine business and residential uses within the same structure. The existing zoning creates an exceptional opportunity for high-density residential, mixed-use, student housing, workforce housing, or live-work development in one of Central Illinois' most dynamic urban markets. With site assembly already complete, developers can avoid the time, expense, and uncertainty often associated with urban land acquisition. Opportunities to acquire assembled parcels totaling more than a half-acre with this level of development potential in downtown Urbana are exceptionally rare. For developers and investors seeking their next transformative project, this offering represents a unique opportunity to create a signature development in one of Central Illinois' most desirable urban locations.
Details
| MLS # | 12690723 |
|---|---|
| Listing Type | For Sale |
| Style | Mixed Use |
| Sub-Type | Resale |
| Status | Active |
| Year | 1965 |
| Days On Site | 88 |
| Listing Provided By | KELLER WILLIAMS-TREC | Joe Zalabak |
Features
| Story(s) | 1 |
|---|---|
| Units | 1 |
| Zoning | OTHER |
| Acreage | 0.54 |
Interior
| Cooling | Central Air |
|---|
Utilities
| Electric | Circuit Breakers, Service - 101 to 200 Amps |
|---|
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 11121.1 |
Area Information
| State | IL |
|---|---|
| County | Champaign |
| City | Urbana |
| Zip Code | 61801 |
| Area | Urbana |
| Listing VS Median (in 61801) | |
Price: $550,000 low | high Med: $235,000 On site: 88 low | high Med: 51 | |
Market Activity 61801
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Learn More About This Property
| State | IL |
|---|---|
| County | Champaign |
| City | Urbana |
| Zip Code | 61801 |
| Area | Urbana |
| Listing VS Median (in 61801) | |
Price: $550,000 low | high Med: $235,000 On site: 88 low | high Med: 51 | |
