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Financial
Distress signals
Property profile

507 Springfield Ave Urbana, IL 61801

FOR SALE
Other commercial real estate
Property ID
US28-0172419
Last sale May 2025 · $195,000
Entity Owned Owner of record is a legal entity (LLC / corporation). 1-yr Hold Held for 1 years. Free & Clear No active or open recorded mortgage detected.
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Property summary

AI-generated overview

The property package consists of 510 W Elm Street and 507 W Springfield Avenue in downtown Urbana, totaling approximately 0.54 acres and presented as contiguous parcels for redevelopment. At 510 W Elm Street, there is an approximately 0.41-acre on-grade parking lot zoned Mixed Office Residential (MOR). At 507 W Springfield Avenue, there is an approximately 0.13-acre parcel improved with an approximately 2,000-square-foot office building. The site is situated near the University of Illinois…

Ownership intelligence

Who controls the opportunity?

Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.

Owner contacts

Can we reach the decision maker?

Skip-traced phones and e-mails of the owner. Included with the full report.

Debts

What is owed, to whom, and when it comes due

Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.

Property tax · 2023

What does the county charge?
$6k
Tax billed · 2023
Assessed value$60k
Assessed land$27k
Assessed improvement$34k
Effective rate10.64%

Value estimate

· Oct 2026
$185k
$167k – $204k
NOI build-up
Gross scheduled income$35k
Vacancy & credit loss−$8k
Operating expenses−$7k
NOI · 3.70% cap applied$20k

Realmo valuation models over county records.

Recently sold

What actually traded nearby?
$350/SF
County average, outlier-cleaned · 19 recorded sales of this use type
Observed band · Q1–Q3$77 – $1,733

Cap rate analysis

How does the asset earn?
3.70%
$20k estimated NOI · market benchmarks for this use type

Price anchors at 6 / 6.5 / 7% — in the full report.

Zoning insight

No data for this section
What can be built here?

No zoning code is on file for this parcel. Coverage grows with every catalog release.

JurisdictionCHAMPAIGN

Location intelligence

Which uses thrive at this corner?
Best fit: Dental Office
Demand heat for this use is drawn on the map · LocInt grid
Demand index
Dental Office11.6
Accounting Firm9.6
Furniture Store9.0

Location

507 Springfield Ave Urbana, IL 61801
County assessor Recorded deeds · 12 transfers Qualifying comp sales · not on file Zoning catalog · not on file

Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.

Comparables

6 recorded sales · 6 properties nearby
Recent sales nearby
6 recorded sales in this ZIP, last 8 years
Address Sale price Sold Size
305 Griggs, Urbana, IL 61801-2609 $310,000 Feb 2026 No data
708 Goodwin, Urbana, IL 61801-3710 $3,000,000 Jan 2026 No data
1601 Coler, Urbana, IL 61801-1001 $125,000 Oct 2025 No data
704 Windsor Rd, Urbana, IL 61801 $262,500 Sep 2025 No data
1002 University, Urbana, IL 61801-2441 $350,000 Jun 2025 No data
133 Main, Urbana, IL 61801-2714 $400,000 Apr 2025 No data
Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.
Comparable nearby
6 properties of the same type nearby
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