For sale

$2,999,999

Est. $20,486/mo —

•

50,691

sq ft

501 E Capitol St, Springfield, IL 62701

About this home

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.

Multi-familyProperty Type

1978Year Built

0.36 acresLot Size

$59Price/Sq.Ft.

Listed by Melissa Gates • Garrison Group Keller Williams

Listing updated: Oct 5, 2026 at 03:01pm

Redfin checked: a few seconds ago

•Source:RMLSA as Distributed by MLS Grid #CA1046897

Payment calculator

$20,486 per month

Principal and interest$16,372

Property taxes

$3,314

HOA dues

Home insurance

$800

Utilities

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Open houses

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Nearby open houses (10)

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Garage • Listed 7 days
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324 Keystone Dr, Chatham, IL 62629
0.31 acre lot • 3 garage spots • Built 1999

Around this home

Schools

K - 12
Preschool & daycare

Elizabeth Graham Elementary School

Public K-5 • Assigned • 1.0mi

3/10

Benjamin Franklin Middle School

Public 6-8 • Assigned • 2.1mi

4/10

Springfield High School

Public 9-12 • Assigned • 0.7mi

5/10

Provided by GreatSchools

About Downtown

Springfield

Downtown Springfield, located between the Illinois State Capitol Complex and the Sangamon River, is a historic and civic Springfield neighborhood with a grand government core and a walkable grid of storefront blocks. The neighborhood’s character concentrates around the 6th Street and Adams Street corridor, where coffee counters, galleries, and late-night bites spill light onto brick sidewalks. The Abraham Lincoln Presidential Library and Museum and the Old State Capitol anchor the cultural calendar, while Obed & Isaac’s Microbrewery and Eatery adds a local gathering room in a former industrial setting. Italianate and early-20th-century commercial facades frame pocket plazas and murals. Office towers and restored upper-floor lofts sit above independent shops. Festival crowds and weekday courthouse rhythms share the same streets.

Provided by Walk Score and Local Logic

Property details

Interior
Exterior
Finance

Interior features
Full, unfinished basement
Central air conditioning
Electric, forced air and hot water heating

Bedrooms
25 total bedrooms across units (16 in Unit 1, 9 in Unit 2)

Bathrooms
25 full bathrooms across units (16 in Unit 1, 9 in Unit 2)
No half bathrooms reported

Heating & cooling
Central air
Electric heating
Forced air
Hot water heating

Sale and tax history for 501 E Capitol St

Sale History
Tax History

Public record

Public record
Zoning

Beds

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Baths

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Stories

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Lot width

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Lot size

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Year renovated

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Finished Sq. Ft.

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Unfinished Sq. Ft.

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Total Sq. Ft.

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Year built

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Style

Multi-Family (5+ Unit)

County

Sangamon County

APN

14340134015

Parking Spaces

—

Basement

—

Accessible

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HOA Dues

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Garage

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Features

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Last updated by owner on Oct 1, 2026.

S-3

Central Shopping District

This district is designed to provide for a wide range of retail stores, office buildings, and amusement and service activities which occupy prime retail frontage in a centrally located and intensively developed business area. The district includes areas of concentrated business activities where nearly all the frontage has long been taken up by contiguous buildings, thus requiring different bulk regulations than those applicable to newer or less concentrated areas and making it virtually impossible for separate off-street parking facilities to be provided for each individual establishment.

Permitted uses

Include but are not limited to:

Automotive sales
Bank
General retail
Retail-Grocery
Restaurant
Housing-Group
Housing-Single unit
Housing-Multiple units
Hotel / motel
Office

Historical weather

Springfield, IL • 62701

Average low and high temperatures (°F)

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38°

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83°

66°

87°

71°

84°

65°

83°

58°

71°

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54°

38°

41°

26°

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Sun exposure

Try the sun simulator tool to see how light moves across the property at different times of day and year.

Provided by Shadowmap

Redfin Estimate for 501 E Capitol St

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Early Access listings

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FOR SALE BY OWNER

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Details provided by RMLSA as Distributed by MLS Grid and may not match the public record. Learn more.

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GreatSchools Ratings provided by GreatSchools.org.

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