Unique Multifamily Asset in
500 W State St, Jacksonville, IL 62650
58-unit multifamily property with distinctive architectural character in central Illinois.
Type:Multifamily
Property size:
73,791 SFPrice / SF:
$37/SF- Added:
- Mar 24, 2026
- Days on Market:
- 51
- Last Refresh:
- Mar 25 at 8:50 pm
Property Features for 500 W State St
General Information
- Standard status
- Active
- Size
- 73,791 SF
- Property subtype
- Multifamily
Listing agent Yianni Mouflouzelis License #IL 475.205207
Listing office Marcus & Millichap - Chicago Downtown
Listing date Mar 24, 2026
Source Crexi
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 Marcus & Millichap - Chicago Downtown
HighLights
- Unique architectural character from its original school building design, converted to multifamily in 1983.
- Centralized location in an established residential corridor, offering easy access to employment, retail, and community services.
- Conveniently located near Jacksonville Shoppes, Wal‑Mart Plaza (1.5 miles), and Passavant Area Hospital (2 miles).
- Steady rental demand supported by Illinois College, Passavant Area Hospital, and other major employers.
- Located within Jacksonville School District 117 attendance area and near major roadways.
- Durable construction elements not typically found in conventional garden‑style product.
Overview
Located at 500 W. State Street in Jacksonville, Illinois, School Apartments is a 58-unit multifamily property. Originally a school building, it was converted to multifamily use in 1983. The property features distinctive architectural character and durable construction. Its centralized location in an established residential corridor in Morgan County provides accessibility to employment, retail, and community services. The property is near neighborhood retail and daily needs shopping, with Jacksonville Shoppes and Wal-Mart Plaza approximately 1.5 miles away. Passavant Area Hospital, a primary healthcare provider, is two miles from the property. Illinois College contributes to rental demand from students, faculty, and staff. Located within the Jacksonville School District 117 attendance area and near major local roadways, the property is well-positioned within a stable residential submarket. Jacksonville is a key hub in Central Illinois, with employment in healthcare, education, corrections, government services, and light manufacturing. Major employers include Passavant Area Hospital, Illinois College, and Jacksonville Correctional Center. The city is connected to Springfield and surrounding communities via U.S. Route 67 and IL-104. The property has a total size of 73791 square feet.
Property Profile
Insight Report
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 central 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 school building design, converted to multifamily in 1983.; Centralized location in an established residential corridor, offering easy access to employment, retail, and community services.; Conveniently located near Jacksonville Shoppes, Wal‑Mart Plaza (1.5 miles), and Passavant Area Hospital (2 miles).
