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.
Details
MLS #
12690723
Listing Type
For Sale
Style
Mixed Use
Sub-Type
Resale
Status
Active
Year
1965
Days On Site
93
Listing Provided By
KELLER WILLIAMS-TREC | Joe Zalabak
Features
Story(s)
1
Units
1
Zoning
OTHER
Acreage
0.54
Interior
Cooling
Central Air
Utilities
Electric
Circuit Breakers, Service - 101 to 200 Amps
Taxes
Tax Year
2025
Tax Annual Amount
11121.1
Area Information
State
IL
County
Champaign
City
Urbana
Zip Code
61801
Area
Urbana
Listing VS Median (in 61801)
Price: $550,000
low | high
Med: $230,000
100% of Average
On site: 93
low | high
Med: 188
49.468085106383% of Average
Sourced by Back At You
Market Activity 61801
Date
Sales
Avg $ Per SqFt
Min Sale Price
Max Sale Price
Med Sale Price
Date: Aug 2026
Sales: 7
Avg $ Per SqFt: $149.75
Min Sale Price: $125,000
Max Sale Price: $415,000
Med Sale Price: $219,900
Date: Jul 2026
Sales: 11
Avg $ Per SqFt: $132.69
Min Sale Price: $110,000
Max Sale Price: $254,900
Med Sale Price: $155,000
Date: Jun 2026
Sales: 26
Avg $ Per SqFt: $165.67
Min Sale Price: $110,000
Max Sale Price: $495,000
Med Sale Price: $251,250
Date: May 2026
Sales: 14
Avg $ Per SqFt: $162.24
Min Sale Price: $70,000
Max Sale Price: $399,900
Med Sale Price: $212,000
Date: Apr 2026
Sales: 20
Avg $ Per SqFt: $175.54
Min Sale Price: $140,000
Max Sale Price: $560,000
Med Sale Price: $310,000
Date: Mar 2026
Sales: 17
Avg $ Per SqFt: $147.86
Min Sale Price: $107,000
Max Sale Price: $545,000
Med Sale Price: $265,000
Date: Feb 2026
Sales: 10
Avg $ Per SqFt: $148.56
Min Sale Price: $40,000
Max Sale Price: $428,000
Med Sale Price: $193,750
Date: Jan 2026
Sales: 12
Avg $ Per SqFt: $176.06
Min Sale Price: $92,000
Max Sale Price: $1,185,000
Med Sale Price: $268,500
Date: Dec 2025
Sales: 10
Avg $ Per SqFt: $158.09
Min Sale Price: $110,000
Max Sale Price: $280,000
Med Sale Price: $217,500
Date: Nov 2025
Sales: 17
Avg $ Per SqFt: $136.26
Min Sale Price: $52,000
Max Sale Price: $385,000
Med Sale Price: $195,000
Date: Oct 2025
Sales: 11
Avg $ Per SqFt: $146.99
Min Sale Price: $125,000
Max Sale Price: $630,000
Med Sale Price: $235,000
Date: Sep 2025
Sales: 16
Avg $ Per SqFt: $127.68
Min Sale Price: $95,000
Max Sale Price: $454,000
Med Sale Price: $205,000
Sourced by Back At You
Aug 2026
Sales:
7
Avg $ Per SqFt:
$149.75
Min Sale Price:
$125,000
Max Sale Price:
$415,000
Med Sale Price:
$219,900
Jul 2026
Sales:
11
Avg $ Per SqFt:
$132.69
Min Sale Price:
$110,000
Max Sale Price:
$254,900
Med Sale Price:
$155,000
Jun 2026
Sales:
26
Avg $ Per SqFt:
$165.67
Min Sale Price:
$110,000
Max Sale Price:
$495,000
Med Sale Price:
$251,250
May 2026
Sales:
14
Avg $ Per SqFt:
$162.24
Min Sale Price:
$70,000
Max Sale Price:
$399,900
Med Sale Price:
$212,000
Apr 2026
Sales:
20
Avg $ Per SqFt:
$175.54
Min Sale Price:
$140,000
Max Sale Price:
$560,000
Med Sale Price:
$310,000
Mar 2026
Sales:
17
Avg $ Per SqFt:
$147.86
Min Sale Price:
$107,000
Max Sale Price:
$545,000
Med Sale Price:
$265,000
Feb 2026
Sales:
10
Avg $ Per SqFt:
$148.56
Min Sale Price:
$40,000
Max Sale Price:
$428,000
Med Sale Price:
$193,750
Jan 2026
Sales:
12
Avg $ Per SqFt:
$176.06
Min Sale Price:
$92,000
Max Sale Price:
$1,185,000
Med Sale Price:
$268,500
Dec 2025
Sales:
10
Avg $ Per SqFt:
$158.09
Min Sale Price:
$110,000
Max Sale Price:
$280,000
Med Sale Price:
$217,500
Nov 2025
Sales:
17
Avg $ Per SqFt:
$136.26
Min Sale Price:
$52,000
Max Sale Price:
$385,000
Med Sale Price:
$195,000
Oct 2025
Sales:
11
Avg $ Per SqFt:
$146.99
Min Sale Price:
$125,000
Max Sale Price:
$630,000
Med Sale Price:
$235,000
Sep 2025
Sales:
16
Avg $ Per SqFt:
$127.68
Min Sale Price:
$95,000
Max Sale Price:
$454,000
Med Sale Price:
$205,000
MLS Number: 12690723
Joe Zalabak – (217) 721-5855 – joe@zalabakhomes.com
KELLER WILLIAMS-TREC – (217) 356-6100
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MLS Number: 12690723
Joe Zalabak – (217) 721-5855 – joe@zalabakhomes.com
