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    The Largest CRE Database in the US with Over 1 Million Listings

    541 E Black Ave Springfield, IL 61702

    Sponsored
    For Sale
    Pending
    $399,000

    MULTI_FAMILY - Springfield, IL

    Lot size:
    1.80 Acres
    Days on Market:
    38
    Last Refresh:
    Jan 23 at 10:06 am

    Property Features for 541 E Black Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    R-3B
    Rooms
    Bathroom 3, Bedroom 16, Bedroom 18, Bedroom 7, Bathroom 16, Bedroom 24, Bedroom 6, Bathroom 12, Bathroom 19, Bathroom 2, Bathroom 26, Bathroom 9, Bathroom 21, Bathroom 15, Bedroom 4, Bedroom 17, Bedroom 5, Bedroom 11, Bathroom 20, Bathroom 1, Bedroom 15, Bedroom 3, Bedroom 22, Bathroom 22, Bathroom 7, Bedroom 25, Bathroom 11, Bedroom 20, Bathroom 17, Bathroom 10, Bathroom 18, Bedroom 19, Bathroom 25, Bedroom 2, Family Room, Bathroom 8, Bedroom 10, Bedroom 21, Bathroom 4, Bedroom 1, Bathroom 27, Bedroom 26, Bathroom 23, Bedroom 9, Bathroom 13, Bathroom 24, Bedroom 12, Bedroom 23, Bedroom 13, Bathroom 5, Bedroom 8, Bathroom 14, Bedroom 14, Bathroom 6
    Bedrooms
    26
    APN
    14-22.0-326-065
    Parking
    10
    Parking features
    Guest
    Interior features
    Elevator, Recreation Room
    Exterior features
    Rec Area
    Basement
    Partial
    Accessibility
    Accessible Elevator Installed, Accessible Doors
    Lot size
    1.80 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Number of units
    26
    Building materials
    Wood Siding
    Roof type
    Composition, Shingle

    We can help!

    Listing Contact
    Roni K Mohan

    RMP of Springfield,LLC dba Remax Professionals (217) 787-7215

    Listing agent Roni K Mohan

    Listing date Dec 17, 2025

    MLS# CA1033618 Listing URL

    Copyright © 2026 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.

    Learn more

    Property Insight Report

    Overview

    Historic Multifamily Building in Springfield

    This approximately 15,000 sqft historic building, the birthplace of Marjorie Merriweather Post, was formerly used for over 100 years by The Kings Daughters Organization as a ladies dormitory. The building features 26 studio units, each approximately 538 sqft, with full baths. It also includes a common area, a communal commercial kitchen, a partial basement, and an elevator. Situated on a 1.8-acre lot overlooking the Lincoln Park area neighborhood, the property offers great proximity to downtown, the hospitals, and the Brinkerhoff and Benedictine/Ursuline complex. A new roof was installed in 2022/23. The property is zoned R-3B.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant 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
    -89.647708
    Latitude
    39.822603

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    FAQs

    What type of property is this?
    Apartment building - 15,000 sqft historic building with 26 studio units.
    Where is this apartment building located?
    The property is located at 541 E Black Ave Springfield, IL.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: - Historic 15,000 sqft building: Birthplace of Marjorie Merriweather Post.; - 26 studio units (approx 538 sqft each) with full baths.; - 1.8 acre lot overlooking the Lincoln Park area neighborhood.
    (217) 899-7899
    Request Owner's contact information
    541 E Black Ave Springfield, IL 61702
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    Springfield, IL 61702
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    541 E Black Ave Springfield, IL 61702
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    We can help!
    Listing Contact
    Roni K Mohan
    Real Estate License ID: 475.121806
    (217) 899-7899
    Learn more
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