Unique Multifamily Asset in
For Sale
$2,800,000
500 W State St, Jacksonville, IL 62650
58-unit multifamily property with distinctive architectural character in Jacksonville, Illinois.
Property Size73,791 SF
Days on Market150
Property Features for 500 W State St
General Information
Standard status
Active
Size
73,791 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Originally Constructed as a School and Thoughtfully Converted, the Property Offers Unique Architectural Character and Durable Construction not Typically Found in Conventional Multifamily Assets
Proximity to Illinois College, Passavant Area Hospital, and Major Employers Supports Consistent Occupancy from Students, Healthcare Workers, and Local Professionals
Centrally Located Near Retail Corridors and Major Roadways, with the Added Benefit of Covered Garage Parking Enhancing Tenant Appeal and Retention
Building Details
Building Size
73,791 SF
Units
58
Listing Agency:
Chicago Downtown Office
(312) 624-7074
Listed By:
Yianni Mouflouzelis · License #License(s): IL: 475.205207, MI: 6501455825, IA: S73371000
(312) 624-7074
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Aug 29 at 5:59AM
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
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 62650, IL
24,891
Population
11,213
Households
2.2
Avg Household Size
42
Median Age
26%
College-Educated
89%
High-School Grad
197.8 sq mi
ZIP Area
126
Density / Sq Mi
$64,137
Median Household Income
$40,101
Median Earnings
$705
Median Rent
$142,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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.
