Assembled Downtown Commercial
For Sale
$550,000
507 Springfield Avenue, Urbana, IL 61801
Two adjoining parcels include a parking lot and an office building, with zoning that allows residential and commercial uses.
Property SizeContact for details
Days on Market127
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
Listed By:
Joe Zalabak · License #475151471
(217) 356-6100
Source:
Crossdavidson
Added: Jun 29
Changed: Oct 25
Last Checked: Oct 29 at 7:44PM
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
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Investment Insights
Based on property information with market context.
This downtown Urbana property brings together two parcels totaling 0.54 acres. The 510 W Elm Street parcel is a 0.41-acre on-grade parking lot zoned Mixed Office Residential (MOR). At 507 W Springfield Avenue, the 0.13-acre parcel includes an approximately 2,000-square-foot office building, built in 1965, and is zoned B-2 Neighborhood Business-Arterial District.
The two zoning classifications permit a range of residential and commercial uses, including mixed-use development that combines business and residential space in one structure. The property is minutes from the University of Illinois campus and near downtown Urbana amenities.
The two zoning classifications permit a range of residential and commercial uses, including mixed-use development that combines business and residential space in one structure. The property is minutes from the University of Illinois campus and near downtown Urbana amenities.
Key Highlights
- Two‑parcel assemblage totals 0.54 acres
- 510 W Elm Street parcel: 0.41 acres with an on‑grade parking lot; zoned Mixed Office Residential (MOR)
- 507 W Springfield Avenue parcel: 0.13 acres with an approximately 2,000‑square‑foot office building
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,274
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Commercial land - Two adjoining parcels include a parking lot and an office building, with zoning that allows residential and commercial uses.
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 0.54 acres; 510 W Elm Street parcel: 0.41 acres with an on‑grade parking lot; zoned Mixed Office Residential (MOR); 507 W Springfield Avenue parcel: 0.13 acres with an approximately 2,000‑square‑foot office building
