Surface Parking Redevelopment
301 N 5th Street Springfield, IL 62701
301 N 5th Street, Springfield, IL, 62701
$299,000
For Sale
$299,000
1.1-acre property with surface parking and 320 feet of Madison Street frontage, plus additional access from N. 5th Street.
Days on Market37
Property Features for 301 N 5th Street
General Information
- Standard status
- Active
- Property subtype
- Commercial
Listing agency
Coldwell Banker Commercial Dev
(217) 725-9518
Listed by
Blake Pryor · License #475159138
(217) 725-9518
Source
Shawneehillsrealestate
Added: Jun 15 Updated: Jul 21 at 2:19PM Checked: Jul 21 at 2:19PM
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 Coldwell Banker Commercial Dev
Investment Insights
Based on property information with market context.
This 1.10-acre redevelopment site is currently improved as a surface parking lot. With its frontage and multiple points of access, the property can support a range of redevelopment concepts, including medical use or mixed-use development, subject to applicable approvals.
The site is located in the Mid-Illinois Medical District area just north of Downtown Springfield. It offers 320 feet of frontage on Madison St. with additional access from N. 5th St., and it sits within the Adirondack TIF District, an Opportunity Zone, and a Cannabis Grants Area.
The location is positioned to align with regional planning efforts, including the Downtown Springfield & Mid-Illinois Medical District Master Plan, the Springfield Rail Improvements Project, the proposed Medical District expansion, the planned Third Street Greenway (The LINC), and the new SMTD Transportation Hub.
The site is located in the Mid-Illinois Medical District area just north of Downtown Springfield. It offers 320 feet of frontage on Madison St. with additional access from N. 5th St., and it sits within the Adirondack TIF District, an Opportunity Zone, and a Cannabis Grants Area.
The location is positioned to align with regional planning efforts, including the Downtown Springfield & Mid-Illinois Medical District Master Plan, the Springfield Rail Improvements Project, the proposed Medical District expansion, the planned Third Street Greenway (The LINC), and the new SMTD Transportation Hub.
Key Highlights
- 1.10 +/- acre redevelopment site in the Mid‑Illinois Medical District, just north of Downtown Springfield.
- Currently improved as a surface parking lot with 320 ft frontage on Madison St. (11,000 AADT).
- Additional access from N. 5th St. (5,400 AADT).
Property Analytics
Location Intelligence
Current Use by Public Records
Parking lots & garages
Similar For Sale Nearby
Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 210 E Carpenter St, Springfield, IL 62702
FAQs
What type of property is this?
Parking lot & garage - 1.1-acre property with surface parking and 320 feet of Madison Street frontage, plus additional access from N. 5th Street.
Where is this parking lot & garage located?
The property is located at 301 N 5th Street Springfield, IL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1.10 +/- acre redevelopment site in the Mid‑Illinois Medical District, just north of Downtown Springfield.; Currently improved as a surface parking lot with 320 ft frontage on Madison St. (11,000 AADT).; Additional access from N. 5th St. (5,400 AADT).
