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Active - Mixed Use for sale
Urbana, IL
Facts & features
Why you’ll love it
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.
Listings courtesy of KELLER WILLIAMS-TREC as distributed by MLS GRID.
Listed by: Joe Zalabak • KELLER WILLIAMS-TREC
Co-listed by: KELLER WILLIAMS-TREC
Source: MRED as distributed by MLS GRID, MLS#: 12690723
Based on info available as of Nov 13, 2026 at 10:33 AM EST.
Come see by yourself
Affordability
$3,708/mo
- Mortgage$2,781
- Property tax$927
- HOA fee
- Homeowners insurance
Beycome estimates only. Actual amounts and terms vary by lender and location.
$11,000 Credit back
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Travel times
About Urbana
This local overview has been generated by Artur AI, for informational purposes only. Please verify all details independently before relying on it.
Flood & climate risk
FEMA Flood Zone X
Outside the high-risk Special Flood Hazard Area — flood insurance is usually optional but still worth considering.
More details
Source: FEMA National Flood Hazard Layer. Confirm on the FEMA Flood Map.
Fire
Storm
Air quality
Pollen
Disclaimer
Midwest Real Estate Data (MRED) All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Midwest Real Estate Data may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2026 All rights reserved.
Based on information submitted to the MLS GRID as of Nov 13, 2026 at 10:33am EST. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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$11,000 Credit back
