Share this with your friends
+12173597971
The McDonald Group | Realty Select One
505 N Walnut Street, Champaign, Illinois 61820
- $400,000
- List Price
- $400,000
- MLS#
- 12785753
- Status
- ACTIVE
- Type
- Commercial
- Subtype
- Commercial Sale
- County
- Champaign
- City
- Champaign
- Neighborhood
- Champaign, Savoy
- Days On Market
- Unknown
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.
Additional Information
- Tax Year
- 2025
- Year Built
- 1978
- Lot Dimensions
- 125x132
- Air Conditioning
- Wall Sleeve
How much is your home worth?
...get instant property value now!
Mortgage Calculator
Listings courtesy of Midwest Real Estate Data as distributed by MLS Grid
The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than our company are marked with the MRED Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (the MRED logo) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The information being provided is 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.
Copyright 2026 MRED LLC. All rights reserved.
Based on information submitted to the MLS Grid as of . All data is obtained from various sources and has not been, and will not be, verified by broker or MLS Grid. MRED 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.
NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.
The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the DMCA) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to DMCAnotice@theMLSGRID.com.
The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.
Some listings have been excluded from this website.