2 months on rocket

506 S Walnut St, Springfield, IL, 62704

$182,500

Home List Price

$2,167*

Closing Credit

0 Baths
Multi

Location

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506 S Walnut St, Springfield$182,500

Buyer Closing Credits

$2,167*

1.25% Loan Amount

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Contact Us Phone Number1 (855) 200-2001

Property Highlights

Home TypeMulti Family
ParkingAlley Access, Other
Year Built1923
HeatingForced Air, Natural Gas, Central, Other
BasementYes
MLS #CA1031314
StatusActive

About 506 S Walnut St

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.

Property Details

Property Features

Property Information:

  • Year Built: 1923

Listing Office:

  • Office Name: The Real Estate Group, Inc.
  • Office Phone: (217) 741-4040
  • Listing Agent: Kyle Killebrew

Interior Features

Interior Information:

  • Basement: Yes
  • Interior: Cable Available

Exterior Features

Exterior Information:

  • Exterior: Fence

Parking Information:

  • Parking: Alley Access, Other

Lot Features

Lot Information:

  • Lot: Level

Utilities

Utilities Information:

  • Heating: Forced Air, Natural Gas, Central, Other

School Info

Assigned Schools Information:

  • Springfield High School, Public District Grades 9-12
  • U S Grant Middle School, Public District Grades 6-8
  • Enos Elementary School, Public District Grades KG-5

Other

Directions Information:

  • Directions: From W Lawrence North on Walnut (just past W Edwards St) to 506 on Right

Price Information

Listing Price Info

Price Summary:

  • List Price: $182,500

Tax Information:

  • Annual Amount: $2,308
  • Tax Year: 2020
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Housing Market Comparison

See how this home compares to others in Springfield, IL.

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Springfield, IL

City

Med. Sold Price

$165.1K

Med. Price/SqFt

$103

Avg. Days On Market

17

# of Sold Homes

162

506 S Walnut St vs Springfield

61 DAYS ON ROCKET

+44 Days

$182,500

+$17.3K More

KEY TAKEAWAY

This property is $17.3K more than the Median Sold Price in Springfield, IL.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: RMLSA
  • MLS Number: #CA1031314

Listing Office:

  • Office Name: The Real Estate Group, Inc.
  • Office Phone: (217) 741-4040
  • Listing Agent: Kyle Killebrew

IDX Listings courtesy of RMLS Alliance as distributed by MLS GRID.

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.

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange program of RMLS Alliance®. Real estate listings held by brokerage firms other than this broker are marked with the RMLSA logo and detailed information about them includes the name of the listing brokers. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals. Copyright © 2024 Peoria Area Association of REALTORS®.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 10/22/2024, 9:20:52 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

Tax History

YEARPROP. TAXASSESSMENT
2020$2,308$26,196
2019$2,350$26,105
2018$2,350$27,809
2017$2,301$27,450

History based on county public records data.

Payment Calculator

$978

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$614

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Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Elementary School

school-card-donut-540123
6
/10

  • Enos Elementary School

  • 524 W Elliott Ave

  • 0.50 miles

  • Public District Grades KG-5

Middle School

school-card-donut-540124
2
/10

  • U S Grant Middle School

  • 1800 W Monroe St

  • 1.19 miles

  • Public District Grades 6-8

High School

school-card-donut-540125
5
/10

  • Springfield High School

  • 101 S Lewis St

  • 0.42 miles

  • Public District Grades 9-12

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $22,558. The most common annual income of people living in Springfield, IL is less than $35k. Typical family type is single, no kids. The majority of residents in this area have high school diploma education.

All data provided by Home Junction and Claritas

Rocket Homes›Illinois›Sangamon County›Springfield›62704›506 S Walnut St

This home is located at 506 S Walnut St in Springfield, IL and zip code 62704 in the Oak Ridge neighborhood. This home was built in 1923. It has been listed on Rocket Homes since August 21, 2024 and is currently priced at $182,500.

While more than 49 listings in Springfield, IL in September 2024 were sold above asking price, there were more than 47 listings sold at asking price, and more than 66 were sold below. Between August 2024 and September 2024, Springfield, IL real estate market has seen decrease in the number of listings by 8.7%. While the average time on the market in September 2024 was 17 days, the median list price was $165,166.

From Rocket Homes Real Estate and based on county public records data.

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