New Listing
505 N Walnut Street,Champaign, IL 61820
Champaign, IL 61820
Description
Unlock the possibilities with this exceptional redevelopment opportunity in Downtown Champaign! Situated on approximately 0.39 acres, 505 N Walnut Street offers investors and developers a chance to transform a strategically located urban parcel into a dynamic new development. The property currently features a vacant, nearly 3,000-square-foot building formerly used as an automotive repair shop, but the true value lies in the land and its exciting redevelopment potential. Zoned CB1 (Central Business Urban Fringe), the property offers opportunities for multifamily residential construction, making it an attractive candidate for new apartments or a mixed-use development. Even more appealing, CB1 zoning generally does not require minimum on-site parking, allowing greater flexibility in site planning and potentially maximizing the developable footprint. As an added advantage, the existing building offers the potential to generate interim rental income while a new owner works through the planning, design, and approval process for future redevelopment, subject to applicable occupancy requirements. With nearly 17,000 square feet of land, a desirable downtown location, and zoning that supports a variety of urban uses, this property presents an outstanding opportunity to capitalize on Champaign's downtown market. Bring your vision and explore the possibilities at 505 N Walnut Street, where location, flexibility, and redevelopment potential come together! All development plans are subject to applicable zoning requirements and municipal approvals.
Details
| MLS # | 12785753 |
|---|---|
| Listing Type | For Sale |
| Style | Mixed Use |
| Sub-Type | Resale |
| Status | Active |
| Year | 1978 |
| Days On Site | 2 |
| Listing Provided By | KELLER WILLIAMS-TREC | Joe Zalabak |
Features
| SQ Feet | 2,952 |
|---|---|
| Story(s) | 1 |
| Units | 1 |
| Zoning | COMMR |
| Acreage | 0.38 |
Interior
| Cooling | Wall Sleeve |
|---|
Exterior
| Roof | Composition |
|---|---|
| Construction Materials | Wood, Masonite |
Utilities
| Electric | Circuit Breakers, Service - 101 to 200 Amps |
|---|
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 4112 |
Area Information
| State | IL |
|---|---|
| County | Champaign |
| City | Champaign |
| Zip Code | 61820 |
| Area | Champaign | Savoy |
| Listing VS Median (in 61820) | |
Price: $400,000 low | high Med: $237,450 sqft: 2,952 low | high Med: 4,291 $ / sqft: $136 low | high Med: $91 On site: 2 low | high Med: 64.5 | |
Market Activity 61820
Request a showing
Request a showing
Contact
Learn More About This Property
| State | IL |
|---|---|
| County | Champaign |
| City | Champaign |
| Zip Code | 61820 |
| Area | Champaign | Savoy |
| Listing VS Median (in 61820) | |
Price: $400,000 low | high Med: $237,450 sqft: 2,952 low | high Med: 4,291 $ / sqft: $136 low | high Med: $91 On site: 2 low | high Med: 64.5 | |
