REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 550,000
Est. payment /mo
New
507 Springfield AVE Urbana, IL 61801
0.54 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12690723
Year Built 1965
Annual Tax Amount $11,121
Tax Year 2025
Lot Size 0.540 Acres
Lot Dimensions 100x62x66x256x66x156
Property Sub-Type Mixed Use
Property Description
Unlock an exceptional redevelopment opportunity in the heart of downtown Urbana with this unique assemblage consisting of 510 W Elm Street and 507 W Springfield Avenue. Encompassing a total of .54 acres, this offering presents a rare opportunity for developers to capitalize on one of the region's strongest multifamily and mixed-use markets. The package includes 510 W Elm Street, a .41-acre on-grade parking lot currently zoned Mixed Office Residential (MOR), and 507 W Springfield Avenue, a .13-acre parcel improved with an approximately 2,000-square-foot office building and zoned B-2 Neighborhood Business-Arterial District. Located just minutes from the University of Illinois campus and surrounded by the amenities and energy of downtown Urbana, both zoning classifications permit a wide range of residential and commercial uses, including mixed-use developments that combine business and residential uses within the same structure. The existing zoning creates an exceptional opportunity for high-density residential, mixed-use, student housing, workforce housing, or live-work development in one of Central Illinois' most dynamic urban markets. With site assembly already complete, developers can avoid the time, expense, and uncertainty often associated with urban land acquisition. Opportunities to acquire assembled parcels totaling more than a half-acre with this level of development potential in downtown Urbana are exceptionally rare. For developers and investors seeking their next transformative project, this offering represents a unique opportunity to create a signature development in one of Central Illinois' most desirable urban locations.
Location
State IL
County Champaign
Area Urbana
Zoning OTHER
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Mixed Use
© 2026 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Joe Zalabak of KELLER WILLIAMS-TREC