500 W State St Jacksonville, IL 62650
58-unit multifamily property with distinctive architectural character in Jacksonville, Illinois.
Type:Multifamily
- Added:
- Apr 3, 2026
- Days on Market:
- 20
- Last Refresh:
- Apr 3 at 5:05 am
Property Features for 500 W State St
General Information
- Standard status
- Active
- Property subtype
- Multifamily
Listing agent Yianni Mouflouzelis License #IL: 475.205207, MI: 6501455825, IA: S73371000 (312) 624-7074
Listing office Chicago Downtown Office (312) 624-7074
Listing date Apr 3, 2026
Source Marcusmillichap
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Chicago Downtown Office
Overview
Unique Multifamily Asset in Jacksonville
The School Apartments, located at 500 W. State Street in Jacksonville, Illinois, is a 58-unit multifamily property. Originally a school building, the property was converted to multifamily use. The property has distinctive architectural character and durable construction elements. The property is positioned within an established residential corridor in Morgan County, providing accessibility to employment, retail, and community services. Jacksonville Shoppes and Wal-Mart Plaza are located within approximately 1.5 miles, providing access to grocery, pharmacy, and general retail amenities. The property is also two miles from Passavant Area Hospital. Illinois College contributes to rental demand from students, faculty, and administrative staff. Located within the Jacksonville School District 117 attendance area and near major local roadways, the property is well-positioned within a stable and accessible residential submarket. Jacksonville serves as a key hub in Central Illinois, supported by employment across healthcare, education, corrections, government services, and light manufacturing. Major employers include Passavant Area Hospital, Illinois College, Jacksonville Correctional Center, and several regional manufacturing operators. The city benefits from connectivity to Springfield and surrounding communities via U.S. Route 67 and IL-104. This property presents investors with the opportunity to acquire an income-producing asset in a steady, institutionally anchored Central Illinois rental market.
Location Intelligence
Current Use by Public Records
School Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Jacksonville
- County
- Morgan
- State
- Illinois
- Longitude
- -90.2357416
- Latitude
- 39.7346272
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 58-unit multifamily property with distinctive architectural character in Jacksonville, Illinois.
Where is this apartment building located?
The property is located at 500 W State St Jacksonville, IL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Unique architectural character from its original construction as a school building.; Centralized location in an established residential corridor with easy access to employment, retail, and community services.; Proximity to Jacksonville Shoppes, Wal‑Mart Plaza, and Passavant Area Hospital.
