# 507 Springfield Avenue, Urbana, IL 61801 > **TL;DR:** commercial, $550,000, built 1965. > A/C. Est. $2,941/mo. Listed 104 days. ## Property at a Glance | Attribute | Value | |-----------|-------| | Price | $550,000 | | Year Built | 1965 | | Lot Size | 23,522 sqft (0.54 acres) | | Stories | 1 | | Property Type | Commercial (Other) | | Status | Active | | Days on Market | 104 | ## Estimated Monthly Costs | Category | Amount | |----------|--------| | Principal & Interest (20% down, 30-year at 6.5%) | $2,781 | | Estimated Insurance | $160 | | **Total** | **$2,941** | ## Key Amenities - A/C ## Property Highlights - Built in 1965 - 0.54 acre lot ## Description ### Agent 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 - **Address:** 507 Springfield Avenue, Urbana, IL 61801 - **County:** Champaign - **Coordinates:** 40.112129, -88.2142 - **Google Maps:** https://www.google.com/maps?q=40.112129,-88.2142 ## Listing Agent - **Name:** Joe Zalabak - **Brokerage:** Keller Williams The Real Estate Center of Illinois, LLC - **Phone:** (217) 356-6100 - **Broker Phone:** (217) 356-6100 ## Photos ![507 Springfield Avenue - Photo 1](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f1114654093r.jpg) ![507 Springfield Avenue - Photo 2](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f282430296r.jpg) ![507 Springfield Avenue - Photo 3](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f3467166701r.jpg) ![507 Springfield Avenue - Photo 4](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f1811302966r.jpg) ![507 Springfield Avenue - Photo 5](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f2365235301r.jpg) ![507 Springfield Avenue - Photo 6](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f2483465685r.jpg) ![507 Springfield Avenue - Photo 7](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f3687157700r.jpg) ![507 Springfield Avenue - Photo 8](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f1573117745r.jpg) ![507 Springfield Avenue - Photo 9](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f142498959r.jpg) ![507 Springfield Avenue - Photo 10](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f473573185r.jpg) ![507 Springfield Avenue - Photo 11](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f2041602566r.jpg) ![507 Springfield Avenue - Photo 12](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f3372350291r.jpg) ![507 Springfield Avenue - Photo 13](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f1037631440r.jpg) ![507 Springfield Avenue - Photo 14](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f2659928828r.jpg) ![507 Springfield Avenue - Photo 15](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f1003129983r.jpg) ![507 Springfield Avenue - Photo 16](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f3929512339r.jpg) ![507 Springfield Avenue - Photo 17](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f836405678r.jpg) ![507 Springfield Avenue - Photo 18](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f4051652824r.jpg) ![507 Springfield Avenue - Photo 19](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f43503126r.jpg) ![507 Springfield Avenue - Photo 20](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f1332224482r.jpg) ![507 Springfield Avenue - Photo 21](http://lh.rdcpix.com/7a07eeed669f1fdeecb749a7c0d1609dl-f3665717391r.jpg) --- **MLS#:** 12690723 | **Updated:** 2026-09-24 **Source:** listhub *Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.* [View on PropertySimple](https://www.propertysimple.ai/listing/507-springfield-avenue-urbana-il-61801-12690723) --- ## Structured Data ```json { "@context": "https://schema.org", "@type": "RealEstateListing", "@id": "https://www.propertysimple.ai/listing/507-springfield-avenue-urbana-il-61801-12690723#listing", "url": "https://www.propertysimple.ai/listing/507-springfield-avenue-urbana-il-61801-12690723", "name": "507 Springfield Avenue, Urbana, IL 61801", "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. 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