Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    520 South Grand Ave Springfield, IL 62703

    For Sale
    $725,000

    Residential Income - Springfield, IL

    Property size:
    7,692 SF
    Days on Market:
    19
    Last Refresh:
    Dec 9 at 12:06 pm

    Property Features for 520 South Grand Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    22-03.0-101-009
    Parking
    12
    Exterior features
    Level
    Size
    7,692 SF

    Utilities

    Heating system
    Hot Water (Heating), Other (Heating)

    Building Details

    Year built
    1931
    Number of units
    12
    Building materials
    Brick
    Architectural style
    Other

    The Real Estate Group, Inc. (217) 787-7000 [email protected]

    Listing agent Debra Sarsany (217) 787-7000 License #475118739

    Listing date Nov 21, 2025

    MLS# CA1040142 Listing URL

    Copyright © 2025 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Furnished Historic Apartment Building

    This well-maintained 3-story historic brick apartment building presents an investment opportunity. The property features 12 fully furnished 1-bedroom units, each move-in ready with a complete furniture package including living room and bedroom sets, kitchen essentials, and flat-screen TVs. This makes the property suitable for both long-term tenants and short-term rental opportunities. The building has a reliable boiler system providing consistent heat, and each unit is equipped with a window A/C for year-round comfort. Newer windows and a roof replacement completed around 2016 contribute to durability and energy efficiency. Several apartments received recent upgrades in 2025, including new furnishings, refreshed bathroom vanities, modern cabinetry, updated appliances, and refinished tub/showers. The property has 7692 square feet of space. The building is located in Springfield, IL. This building offers stable income potential and long-term value.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Springfield Sunsent Solar ... Solar Energy System Service

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.64909894
    Latitude
    39.786820865

    Nearby Similar for Sale

    • $150,000
      Pending

      Mixed-Use Property with Income Potential

      Mixed-use property with commercial space, apartments, and income potential.
      612 South Grand Ave, Springfield, IL 62704
      View Details
    • $550,000
      5,056 SF

      Springfield Bar and Restaurant For Sale

      Near west side bar and restaurant with gaming room.
      1577 W Wabash Ave, Springfield, IL 62704
      View Details
    • $375,000
      Pending

      Updated Commercial Space in Springfield

      Updated 5,227 sq ft commercial space with high visibility.
      2445 S 5Th St, Springfield, IL 62703
      View Details
    • $795,000
      10,000 SF

      Well-Maintained Office Building For Sale

      Move-in ready office building with ample parking in Springfield, IL.
      801 S Durkin Dr, Springfield, IL 62704
      View Details
    • $199,900
      Pending

      Springfield Commercial Property Near Capitol

      Corner property near State Capital with conversion potential.
      116 E Edwards St, Springfield, IL 62704
      View Details
    • $399,000
      Pending

      Springfield Residential Income Property

      Six-unit apartment building near downtown Springfield.
      1001 S 1St St, Springfield, IL 62704
      View Details

    FAQs

    What type of property is this?
    Apartment building - Turnkey investment opportunity with 12 furnished units in Springfield.
    Where is this apartment building located?
    The property is located at 520 South Grand Ave Springfield, IL.
    What is the asking price?
    The asking price for this property is $725,000.
    What are key features of this property?
    This property features: - Listed under appraised value, presenting an immediate investment advantage.; - Turnkey investment with **12 fully furnished 1-bedroom units**, ready for immediate rental income.; - Recent upgrades in select units (2025) including new furnishings, bathroom vanities, cabinetry, appliances, and refinished tub/showers.
    (217) 787-7000
    Request Owner's contact information
    520 South Grand Ave Springfield, IL 62703
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    520 South Grand Ave
    Springfield, IL 62703
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    520 South Grand Ave Springfield, IL 62703
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.