Active
50,691 sqft

501 E Capitol Ave, Springfield, IL 62701

Est: $19,329/moGet pre-approved
Multi FamilyProperty Type
0.36 acresLot Size
1978Year Built
$59/sq ftPrice per sq ft

Description

Apartments fully occupied. Rare opportunity to own a mixed-use masterpiece in the heart of downtown Springfield IL. Originally constructed in 1854 as the First United Methodist Church, this iconic structure has stood as a pillar of architectural heritage for decades. Thoughtfully rehabilitated in 1978 and again in 2019. It now offers a seamless blend of historic charm and contemporary living. 25 apartments, each with in unit washer and dryers, Island, large full bathroom, updated appliances, with...Apartments fully occupied. Rare opportunity to own a mixed-use masterpiece in the heart of downtown Springfield IL. Originally constructed in 1854 as the First United Methodist Church, this iconic structure has stood as a pillar of architectural heritage for decades. Thoughtfully rehabilitated in 1978 and again in 2019. It now offers a seamless blend of historic charm and contemporary living. 25 apartments, each with in unit washer and dryers, Island, large full bathroom, updated appliances, with every unit offering a different floorplan. 3 separate office spaces, 1 currently with long term lease agreement and 2 additional commercial spaces. A turnkey investment. Full basement with a full kitchen, bathrooms, and more! This space has a ton of additional potential, and income while currently sitting at an impressive NOI. Whether you're drawn to its storied past or its strong financial future, this building delivers both character and performance. A cornerstone of Springfields urban fabric, ready for its next visionary owner.
4 days on Market
  • Listed by: Melissa Gates 217.381.0200 mgates@garrisongroupinc.com • Garrison Group Keller Williams
Last updated: 10/05/2026 03:01 PM • Source: RMLS ALLIANCE, MLS#: CA1046897
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Location

Listing Courtesy of Garrison Group Keller Williams
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Payment Calculator

$19,329 per month

30 year fixed, 7.03% Interest

Principal and Interest

$16,016

Property Taxes

$3,314

HOA Dues

$0

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Property Information for 501 East Capitol Avenue

Property Details

  • Taxes: $39,766 / year
  • MLS Type: Residential Income / Residential Income
  • Parking Total: 0.0
  • Subdivision Name: None

Building Information

  • Residences: 25
  • Year Built: 1978
  • Lot Size: 0.36 AC / 15,681 SF

Summary

Location and General Information
  • City: Springfield
  • County Or Parish: Sangamon
  • Directions: located on the corner of 5th and capitol
  • Latitude: 39.798589
  • Longitude: -89.649082
  • MLSArea Minor: Springfield
  • Postal Code: 62701
  • State Or Province: IL
  • Zoning: S-3
Taxes and HOA Information
  • Additional Parcels Description: 016,017,018,019
  • Parcel Number: 14340134015
  • Tax Annual Amount: $39,766
  • Tax Legal Description: Multiple parcels - corner lot location
  • Tax Year: 2025
School Information
  • High School: Springfield District #186
Parking
  • Parking Features: Guest, On Street

Property

Lot Information
  • Structure Type: Two or More Story
  • Building Area Total: 50691.0
  • Lot Features: Corner Lot
  • Lot Size Acres: 0.36
  • Lot Size Dimensions: 0000
  • Number Of Units Total: 25
  • 100 Year Plain: Unknown
Property and Assessments
  • Documents Available: Other,Tenant Lease(s)
  • New Construction: No
  • Year Built: 1978
  • Year Built Source: Public Records
Utilities
  • Number Of Electric Meters: 1
  • Number Of Gas Meters: 1
  • Numberof Water Meters: 1
  • Sewer: Private Sewer
  • Water Sewer Expense: $0
  • Water Source: Private

Interior and Exterior Features

Exterior Features
  • Roof: Other, Rubber
  • Construction Materials: Brick
Interior Features
  • Basement: Full, Unfinished
  • Cooling: Central Air
  • Heating: Electric, Forced Air, Hot Water
  • Number Of Central Air Units: 25
  • Number Of Dishwashers: 25
  • Number Of Dryers: 25
  • Number Of Heating Units: 25
  • Number Of Ranges: 25
  • Numberof Refrigerators: 25
  • Number Of Washers: 25
  • Number Of Water Heaters: 25
  • Number Of Window Units: 0
  • Operating Recording Device: None

Multi Family

Income & Expenses
  • Electric Expense: $0
  • Gross Income: $380,000
  • Gross Scheduled Income: $380,000
  • Insurance Expense: $0
  • Maintenance Expense: $0
  • Manager Expense: $0
  • Net Operating Income: $340,234
  • Operating Expense: $0
  • Advertising Expense: 0
  • Gas Expense: 0
  • Misc Annual Income: 0
  • Trash Expense: $0
Unit 1
  • Fireplace YN: N
  • Full Baths: 16
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 0
  • Number Uncovered: 0
  • Unit Type Beds Total: 16
  • Unit Type Type: Unit 1
Unit 2
  • Fireplace YN: N
  • Full Baths: 9
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 0
  • Number Uncovered: 0
  • Unit Type Beds Total: 9
  • Unit Type Type: Unit 2

Property History for 501 East Capitol Avenue

DateEvent & SourcePriceAppreciation
Oct 1, 2026

Listed (Active)

RMLS ALLIANCE #CA1046897

$2,999,999—
DateEvent & SourcePrice
10/01/2026

Listed (Active)

RMLS ALLIANCE #CA1046897

$2,999,999

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

Public Records for 501 East Capitol Avenue

Taxable Value

Land

$26,989

Additions

$464,171
Total$491,160

Tax Record

2025

$39,766 ($3,314 / month)

Home Facts

Lot Size

8,099 SqFt

Style

Miscellaneous Commercial

County

SANGAMON

APN

14-34.0-134-015

Schools near 501 East Capitol Avenue

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 8
Rating
School
Distance
Elizabeth Graham Elementary School
PublicK to 5

Benjamin Franklin Middle School
Public6 to 8

Springfield High School
Public9 to 12

Lincoln Magnet School
Public6 to 8

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

501 East Capitol Avenue is a multi-family home for sale in Springfield, IL 62701. This property was listed for sale on October 1, 2026 by Garrison Group Keller Williams, it's currently listed at $2,999,999. 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. 501 East Capitol Avenue is a 0-bed, 0-bath, 50,691 sqft multi-family home built in 1978.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim 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 seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Garrison Group Keller Williams

Based on information submitted to the MLS GRID as of 10/05/2026 03:01 PM. 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. Properties displayed may be listed or sold by various participants in the MLS. IDX information is provided exclusively for consumers’ 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 is deemed reliable but is not guaranteed by MLS GRID. Use of the MLS GRID data may be subject to an end user license agreement prescribed by the applicable MLS of the Member Participant, if any, and as amended from time to time.