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$ 400,000
Est. payment | /mo
2,952 SqFt
$ 400,000
Est. payment | /mo
2,952 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 2,952 sqft
Price per Sqft $135
MLS Listing ID 12785753
Year Built 1978
Annual Tax Amount $4,112
Tax Year 2025
Lot Size 0.380 Acres
Lot Dimensions 125x132
Property Sub-Type Mixed Use
Property 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.
Location
State IL
County Champaign
Area Champaign, Savoy
Zoning COMMR
Interior
Cooling Wall Sleeve
Fireplace N
Exterior
Roof Type Composition
Building
Dwelling Type Mixed Use
Structure Type Wood,Masonite
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Listed by Joe Zalabak of KELLER WILLIAMS-TREC