Unique Multifamily Asset in
500 W State St Jacksonville, IL 62650
For Sale
$2,800,000
58-unit multifamily property with distinctive architectural character in Jacksonville, Illinois.
Days on Market117
Property Features for 500 W State St
General Information
Standard status
Active
Property subtype
Multifamily
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: Jul 10
Last Checked: Jul 27 at 2:22AM
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
Location Intelligence
Current Use
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.
