506 South Walnut Street

Springfield, IL 62704

$182,500
Price
Beds
3,236 Sq. Ft.
$56 / Sq. Ft.
3,236
Sq. Ft.
$56
per Sq. Ft.

Description

This four-unit investment property in the heart of Springfield offers strong income potential and a prime location near the medical district, downtown, and state buildings—perfect for attracting renters from these communities. The property consists of one main floor unit, two second-floor units, and a fourth unit on the finished third floor, each featuring 2 bedrooms, 1 bath, and a formal living space. Tenants pay for gas and electric (separately metered), while the landlord covers water and trash....This four-unit investment property in the heart of Springfield offers strong income potential and a prime location near the medical district, downtown, and state buildings—perfect for attracting renters from these communities. The property consists of one main floor unit, two second-floor units, and a fourth unit on the finished third floor, each featuring 2 bedrooms, 1 bath, and a formal living space. Tenants pay for gas and electric (separately metered), while the landlord covers water and trash. The first-floor unit currently rents for $830/month on a month-to-month lease. Two of the three furnaces are new within the last five years, with central air in the first and third floors, and window AC on the second floor. The roof is approximately 7-8 years old. The property includes one parking space in front and additional parking in the back. Whether you’re looking to maximize rental income or live in one unit while renting out the others, this well-maintained property in a desirable area presents a fantastic investment opportunity.
  1. Listed by Kyle Killebrew • The Real Estate Group, Inc. • Mobl: 217-741-4040

Property Details for 506 South Walnut Street

Parking Total
4.0
Subdivision Name
None
LISTING UPDATED: 09/20/2024 03:01 PM

Property Details for 506 South Walnut Street

StatusActive
MLS #CA1031314
Days on Market56
Taxes$2,533 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Residential Income
Year Built1923
Lot Size0.22 AC / 9,576 SF
CountySangamon County

Building Information for 506 South Walnut Street

Stories-Residences4Year Built1923Building Size-Lot Size0.22 AC / 9,576 SF

Property Information for 506 South Walnut Street

Summary
Location and General Information
  • City: Springfield
  • County Or Parish: Sangamon
  • Directions: From W Lawrence North on Walnut (just past W Edwards St) to 506 on Right
  • Latitude: 39.797426
  • Longitude: -89.663008
  • MLSArea Minor: Springfield
  • Postal Code: 62704
  • State Or Province: IL
Taxes and HOA Information
  • Parcel Number: 14-33.0-251-009
  • Tax Annual Amount: $2,533
  • Tax Legal Description: L 22 James Browns 2nd Addn.
  • Tax Year: 2023
School Information
  • High School: Springfield District #186
Parking
  • Parking Features: Alley Access, Other
Property
Lot Information
  • Structure Type: Two or More Story, Conversion
  • Building Area Total: 3236.0
  • Lot Features: Level
  • Lot Size Dimensions: 228 x 42
  • Number Of Units Total: 4
  • 100 Year Plain: Unknown
  • Road Surface Type: Paved
Property and Assessments
  • Documents Available: None Available
  • Foundation Details: Brick
  • New Construction: No
  • Year Built: 1923
  • Year Built Source: Public Records
Utilities
  • Number Of Electric Meters: 4
  • Number Of Gas Meters: 4
  • Numberof Water Meters: 1
  • Water Sewer Expense: $0
  • Water Source: Public Sewer, Public
Interior and Exterior Features
Exterior Features
  • Exterior Features: Fence
  • Roof: Shingle
  • Construction Materials: Other
Interior Features
  • Basement: Full, Unfinished
  • Heating: Heating Systems - 2+, Forced Air, Gas, Central Air, Window Unit(s)
  • Interior Features: Cable Available
  • Laundry Features: None
  • Number Of Central Air Units: 2
  • Number Of Dishwashers: 1
  • Number Of Dryers: 0
  • Number Of Heating Units: 3
  • Number Of Ranges: 4
  • Numberof Refrigerators: 4
  • Number Of Washers: 0
  • Number Of Water Heaters: 3
  • Number Of Window Units: 1
  • Operating Recording Device: None
Multi Family
Income & Expenses
  • Electric Expense: $0
  • Gross Income: $0
  • Insurance Expense: $0
  • Maintenance Expense: $0
  • Manager Expense: $0
  • Net Operating Income: $-2,533
  • Operating Expense: $0
  • Advertising Expense: 0
  • Gas Expense: 0
  • Misc Annual Income: 0
  • Trash Expense: $0
Unit 1
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 1
Unit 2
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
Unit 3
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 3
Unit 4
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 4
Rental
Rent Information
  • Lease Term: Month To Month
  • Tenant Pays: Gas & Electric

Property History for 506 South Walnut Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 506 South Walnut Street

Taxable ValueLand$13,179Additions$15,468Total$28,647
Tax Record2023$2,533 ($211 / month)
Home Facts
Beds0Lot Size9,796 SqFtStyleSingle Family ResidenceCountySANGAMONAPN14-33.0-251-009

Schools near 506 South Walnut Street

This home is within Springfield School District 186.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 6 to 12
Rating
School
Distance
Elizabeth Graham Elementary School
PublicK to 5

Benjamin Franklin Middle School
Public6 to 8

Springfield High School
Public9 to 12

Douglas School
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

506 South Walnut Street is a multi-family home for sale in Springfield, IL 62704. This property was listed for sale on August 21, 2024 by The Real Estate Group, Inc., it's currently listed at $182,500. This listing's school district is Springfield School District 186. Nearby schools include Elizabeth Graham Elementary School, Benjamin Franklin Middle School and Springfield High School. 506 South Walnut Street is a 0-bed, 0-bath, 3,236 sqft multi-family home built in 1923.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of The Real Estate Group, Inc.

Based on information from one of the following Multiple Listing Services: RMLS Alliance. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by RMLS Alliance is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.