506 S Walnut St

—
Baths
3,236 Sq. Ft.
$51 / Sq. Ft.
3,236
Sq. Ft.
$51
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.
    P: (217)-741-4040 C: (217)-741-4040 kyle@kylesells.com

Property Details for 506 South Walnut Street

Parking Total
4.0
Subdivision Name
None
LISTING CLOSED: 11/27/2024 12:00 AM

Property Details for 506 South Walnut Street

StatusSold
MLS #CA1031314
Days on Market63
Taxes$2,533 / year
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income / Residential Income
Year Built1923
Lot Size0.22 AC / 9,576 SF
CountySangamon County

Location

Listing Courtesy of The Real Estate Group, Inc.

Sold By The Real Estate Group, Inc.

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Building Information for 506 South Walnut Street

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

Payment Calculator

$1,033 per month

30 year fixed, 6.36% Interest

Principal and Interest

$822

Property Taxes

$211

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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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
Nov 27, 2024

Sold (Public Record)

Public Record #1546330933

$165,000—
Nov 27, 2024

Sold

RMLS ALLIANCE #CA1031314

$165,000—
Nov 9, 2024

Pending

RMLS ALLIANCE #CA1031314

—
DateEvent & SourcePrice
11/27/2024

Sold (Public Record)

Public Record #1546330933

$165,000
11/27/2024

Sold

RMLS ALLIANCE #CA1031314

$165,000
11/09/2024

Pending

RMLS ALLIANCE #CA1031314

—

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

Public Records for 506 South Walnut Street

Taxable ValueLand$15,470Additions$39,683Total$55,153
Tax Record2025$4,465 ($372 / 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.

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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 The Real Estate Group, Inc.

Based on information submitted to the MLS GRID as of 11/27/2024 02:01 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.