507 Springfield Avenue, Urbana, IL 61801

Building Details

Year built

1965

Floors in Building

1

Number of units

1

Listing agent Joe Zalabak License #475151471 Show Phone

Listing office KELLER WILLIAMS-TREC g***@kw.com 2441 Village Green Place, Champaign, IL Show Phone

Listing date Jun 29, 2026

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MLS# 12690723

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Overview

This for-sale assemblage combines 510 W Elm Street and 507 W Springfield Avenue into a single redevelopment site. The package includes a 0.41-acre, on-grade parking lot at 510 W Elm Street, currently zoned Mixed Office Residential (MOR), and a 0.13-acre parcel at 507 W Springfield Avenue improved with an approximately 2,000-square-foot office building, zoned B-2 Neighborhood Business-Arterial District.

Situated in downtown Urbana, the property is described as being just minutes from the University of Illinois campus and surrounded by downtown amenities. With both parcels included in the offering, the assemblage offers one coordinated redevelopment footprint rather than separate acquisitions.

The current zoning on each parcel is positioned to support a broad range of residential and commercial concepts, including mixed-use developments that combine business and residential uses within the same structure. For developers and investors, the existing improvements and two-tract configuration can be evaluated for reuse, renovation, or redevelopment based on the applicable zoning framework across the assemblage.

Suggested Use

Accounting Firm Dental Office Veterinary Clinic Real Estate Agency Kitchen & Bath Showroom Pet Grooming Service Coworking & Hybrid Office Furniture & Home Goods Travel Agency Acupuncture

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

• Map
• Local Demand

City

Urbana

County

Champaign

State

Illinois

Longitude

-88.2510664

Latitude

40.1123944

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FAQs

What type of property is this?

Office building - Redevelopment assemblage with an on-grade parking lot and an approximately 2,000-square-foot office building zoned for mixed-use potential.

Where is this office building located?

The property is located at 507 Springfield Avenue Urbana, IL.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: Redevelopment assemblage in downtown Urbana: 510 W Elm St and 507 W Springfield Ave totaling 0.54 acres.; 510 W Elm St is a 0.41‑acre on‑grade parking lot zoned Mixed Office Residential (MOR).; 507 W Springfield Ave is a 0.13‑acre parcel with an approximately 2,000 SF office building zoned B‑2 Neighborhood Business‑Arterial District.