Assembled Commercial
For Sale
$550,000
507 Springfield Avenue, Urbana, IL 61801
Assembled downtown site combines an on-grade parking lot with an existing office building.
Property SizeContact for details
Days on Market51
Property Features for 507 Springfield Avenue
General Information
Standard status
Active
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,121
Building Details
Year Built
1965
Stories
1
Units
1
Listing Agency:
KELLER WILLIAMS-TREC
(217) 356-6100
Listed By:
Joe Zalabak · License #475151471
(217) 356-6100
Source:
Allinonerealestateco
Added: Jun 29
Changed: Aug 18
Last Checked: Aug 18 at 5:34AM
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 KELLER WILLIAMS-TREC
Investment Insights
Based on property information with market context.
This assembled commercial land offering includes two adjoining Urbana parcels totaling .54 acres. The .41-acre parcel at 510 W Elm Street is an on-grade parking lot zoned Mixed Office Residential (MOR). The .13-acre parcel at 507 W Springfield Avenue contains an approximately 2,000-square-foot office building constructed in 1965 and carries B-2 Neighborhood Business-Arterial District zoning.
The property is in downtown Urbana, minutes from the University of Illinois campus. The stated zoning classifications permit residential and commercial uses, including mixed-use development that combines business and residential components within one structure. The existing parcel assembly and combination of land and office improvements provide a basis for redevelopment planning within an established urban setting.
The property is in downtown Urbana, minutes from the University of Illinois campus. The stated zoning classifications permit residential and commercial uses, including mixed-use development that combines business and residential components within one structure. The existing parcel assembly and combination of land and office improvements provide a basis for redevelopment planning within an established urban setting.
Key Highlights
- Two‑parcel assemblage totals .54 acres in downtown Urbana
- 510 W Elm Street includes a .41‑acre on‑grade parking lot
- 507 W Springfield Avenue includes an approximately 2,000‑square‑foot office building
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,484
Businesses Nearby
Explore this area
Business Placement
Demographics for 61801, IL
27,658
Population
13,468
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
98%
High-School Grad
5.4 sq mi
ZIP Area
5,122
Density / Sq Mi
$37,948
Median Household Income
$26,394
Median Earnings
$950
Median Rent
$184,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Assembled downtown site combines an on-grade parking lot with an existing office building.
Where is this commercial land located?
The property is located at 507 Springfield Avenue Urbana, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑parcel assemblage totals .54 acres in downtown Urbana; 510 W Elm Street includes a .41‑acre on‑grade parking lot; 507 W Springfield Avenue includes an approximately 2,000‑square‑foot office building
