OFF MARKET

Off market nov 2024 for $165K

$220,997

Est. refi paymentEst. refi $1,163/mo

•

3,236

sq ft

506 S Walnut St, Springfield, IL 62704

About this home

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.

Multi-familyProperty Type

1923Year Built

9,576 sq ftLot Size

$68Est. Price/Sq.Ft.

4 spacesParking

Listed by Kyle Killebrew • The Real Estate Group, Inc.

Bought with • The Real Estate Group, Inc.

Redfin checked: a few seconds ago

•Source:RMLSA as Distributed by MLS Grid #CA1031314

Redfin Estimate

$220,997

$56K since sold in November 2024$0 since September

Recently sold homes
Estimate history
Homes for sale

This home's estimate is 27.5% lower than the average sale price ($305K) of 5 comparable homes.

SOLD JUL 31, 2026
$125,000
A
5 beds3 baths2,843 sq ft
318 S State St, Springfield, IL 62704
SOLD JUN 29, 2026
$236,000
B
5 beds2 baths2,481 sq ft
841 S Glenwood Ave, Springfield, IL 62704
SOLD JUL 20, 2026
$391,000
C
3 beds2.5 baths2,661 sq ft
913 Williams Blvd, Springfield, IL 62704
SOLD JUL 15, 2026
$515,000
D
3 beds2.5 baths3,708 sq ft
1032 W Vine St, Springfield, IL 62704
SOLD FEB 13, 2026
$257,500
E
5 beds2 baths2,698 sq ft
909 S Walnut St, Springfield, IL 62704

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Earn from this home

Refinance

Est. cash available

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Market trends in 62704, IL

Last updated September 2026

Buyer's Market

Seller's Market

Seller's market

Sale-to-List Price

101.9%

+0.2% MoM

Median sale price

$190K

$6K MoM

Avg. days on market

0 days MoM

Recently sold homes

200

10 MoM

New listings for sale

NEW 15 HRS AGO
$179,900
3 beds2 baths1,515 sq ft
1309 S Douglas Ave, Springfield, IL 62704
COMING SOON
$150,000
3 beds2 baths1,962 sq ft
801 W Monroe St, Springfield, IL 62704
$210,000
3 beds1 bath1,144 sq ft
2104 Parkview Dr, Springfield, IL 62704
$90,000
2 beds2 baths1,348 sq ft
2650 Cooper Ave #105, Springfield, IL 62704
$159,900
3 beds2.5 baths2,141 sq ft
1036 W Washington St, Springfield, IL 62702
$139,000
2 beds1 bath1,066 sq ft
2420 Holmes Ave, Springfield, IL 62704
$85,000
4 beds1.5 baths1,394 sq ft
620 W Lawrence St, Springfield, IL 62704
COMING SOON
$290,000
2 beds2 baths1,566 sq ft
52 Turnberry Pl, Springfield, IL 62704
$87,900
3 beds1 bath946 sq ft
1120 S Pasfield St, Springfield, IL 62704-0000
$189,900
3 beds2 baths1,515 sq ft
1309 S Douglas Ave Unit F, Springfield, IL 62704
See all

Provided by Redfin

Sale history for 506 S Walnut St

Year

Property tax

Land + Additions

Assessment*

2025

$4,465 (+69.5%)

$15,470 + $39,683

$55,153

2024

$2,634 (+4.0%)

$14,428 + $16,934

$31,362

2023

$2,533 (+4.0%)

$13,179 + $15,468

$28,647

2022

$2,435 (+3.4%)

$12,501 + $14,673

$27,174

2021

$2,354 (+2.0%)

$12,033 + $14,124

$26,157

2020

$2,308 (+1.9%)

$12,051 + $14,145

$26,196

2019

$2,265 (−3.6%)

$12,009 + $14,096

$26,105

2018

$2,350 (+2.1%)

$11,940 + $15,869

$27,809

2017

$2,301 (+2.0%)

$11,786 + $15,664

$27,450

2016

$2,255 (+4.8%)

$11,614 + $15,436

$27,050

2013

$2,151

$11,401 + $15,153

$26,554

Tax history for 506 S Walnut St

Year

Property tax

Land + Additions

Assessment*

2025

$4,465 (+69.5%)

$15,470 + $39,683

$55,153

2024

$2,634 (+4.0%)

$14,428 + $16,934

$31,362

2023

$2,533 (+4.0%)

$13,179 + $15,468

$28,647

2022

$2,435 (+3.4%)

$12,501 + $14,673

$27,174

2021

$2,354 (+2.0%)

$12,033 + $14,124

$26,157

2020

$2,308 (+1.9%)

$12,051 + $14,145

$26,196

2019

$2,265 (−3.6%)

$12,009 + $14,096

$26,105

2018

$2,350 (+2.1%)

$11,940 + $15,869

$27,809

2017

$2,301 (+2.0%)

$11,786 + $15,664

$27,450

2016

$2,255 (+4.8%)

$11,614 + $15,436

$27,050

2013

$2,151

$11,401 + $15,153

$26,554

*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.

Public record

Public record
Zoning

Beds

—

Baths

—

Stories

—

Lot width

—

Lot depth

—

Lot size

9,796 Sq. Ft.

Year renovated

—

Sq. Ft.

—

Year built

—

Style

Other

County

Sangamon County

APN

14330251009

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Sep 16, 2026.

R-3(B)

General Residence District

These districts are designed to provide for all types of residential buildings, in order to permit a broad range of housing types, with appropriate standards on density, open space, and spacing the buildings. These districts are mapped in relation to a desirable future residential density pattern, with emphasis on accessibility to transportation facilities, and to various community facilities, and on the character of the existing development. These districts also include community facilities and public open space uses which serve the residents of the districts or which an open residential environment benefits. The uses permitted in R-3 (a), (b) districts are identical, however, provisions of section 155.056 of this chapter limit the density of residential uses.

Permitted uses

Include but are not limited to:

Community / recreation center
Religious facility
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Student
Educational / school
Library
Museum / gallery
Golf related

Property details

Parking

Parking Information
Parking Total: 4
Parking Features: Alley Access, Other

Interior

Heating & Cooling
Heating: Heating Systems - 2+, Forced Air, Gas, Central Air, Window Unit(s)

Room Information
Basement: Full, Unfinished

Interior Features
Cable Available
Laundry Features: None

Exterior

Property Type
Property Sub Type: Residential Income

Exterior Features
Fence
Roof: Shingle

Property Information
Property Sub Type: Residential Income

Lot Information
Lot Features: Level
Lot Size Dimensions: 228 x 42
Road Surface Type: Paved

Building Information
Is New Construction: No
Building Area Total: 3236

Financial

Tax Information
Tax Year: 2023
Tax Annual Amount: 2532.72
Tax Legal Description: L 22 James Browns 2nd Addn.

Utilities

Utility Information
Water Source: Public Sewer, Public

Location

Multi-Unit Information
Units: 4

Unit 1 Information
Unit 1 Full Bathrooms: 1
Unit 1 Half Bathrooms: 0
Unit 1 Covered Parking Spaces: 0
Unit 1 Parking Spaces: 1
Unit 1 Uncovered Parking Spaces: 1
Unit 1 Actual Rent: 795
Unit 1 Type: Unit 1
Unit 1 Bedrooms: 2

Unit 2 Information
Unit 2 Full Bathrooms: 1
Unit 2 Half Bathrooms: 0
Unit 2 Covered Parking Spaces: 0
Unit 2 Parking Spaces: 1
Unit 2 Uncovered Parking Spaces: 1
Unit 2 Actual Rent: 0
Unit 2 Type: Unit 2
Unit 2 Bedrooms: 2

Unit 3 Information
Unit 3 Full Bathrooms: 1
Unit 3 Half Bathrooms: 0
Unit 3 Covered Parking Spaces: 0
Unit 3 Parking Spaces: 1
Unit 3 Uncovered Parking Spaces: 1
Unit 3 Type: Unit 3
Unit 3 Bedrooms: 2

Unit 4 Information
Unit 4 Full Bathrooms: 1
Unit 4 Half Bathrooms: 0
Unit 4 Covered Parking Spaces: 0
Unit 4 Parking Spaces: 1
Unit 4 Uncovered Parking Spaces: 1
Unit 4 Actual Rent: 0
Unit 4 Type: Unit 4
Unit 4 Bedrooms: 2

School Information
High School: Springfield District #186

Location Information
Directions: From W Lawrence North on Walnut (just past W Edwards St) to 506 on Right
Subdivision Name: None
MLS Area Minor: Springfield

Community Information
Laundry Features: None
Units: 4

Public facts

Beds: —
Baths: —
Sq. Ft.: —
Stories: —
Lot Size: 9,796 square feet
Style: Other
Year Built: —
Year Renovated: —
County: Sangamon County
APN: 14330251009

Home facts updated by county records on Sep 16, 2026

Other

Listing Information
MLS Area Minor: Springfield
Standard Status: Closed

Home Information
Building Area Total: 3236
Structure Type: Two or More Story, Conversion
Year Built: 1923

Information for Agents
Attribution Contact: Mobl: 217-741-4040

Around this home

Schools

Elizabeth Graham Elementary School

Public K-5 • Assigned • 0.2mi

3/10

Benjamin Franklin Middle School

Public 6-8 • Assigned • 1.7mi

4/10

Springfield High School

Public 9-12 • Assigned • 0.3mi

5/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

4/10 Heat Factor

7 days above 105° expected this year, 20 days in 30 years

2/10 Wind Factor

1% chance of strong winds in next 30 years

2/10 Air Factor

1 unhealthy days expected this year, 2 days in 30 years

Provided by First Street

Historical weather

Springfield, IL • 62704

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

Estimated sale price

$210,000 – $255,000

Sell confidently with a local market expert in Springfield. 3 minutes to get started.

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New listings for sale in 62704

NEW 15 HRS AGO

$179,900

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1309 S Douglas Ave, Springfield, IL 62704

COMING SOON

$150,000

3 beds2 baths1,962 sq ft

801 W Monroe St, Springfield, IL 62704

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3 beds1 bath1,144 sq ft

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2 beds2 baths1,348 sq ft

2650 Cooper Ave #105, Springfield, IL 62704

$159,900

3 beds2.5 baths2,141 sq ft

1036 W Washington St, Springfield, IL 62702

$139,000

2 beds1 bath1,066 sq ft

2420 Holmes Ave, Springfield, IL 62704

$85,000

4 beds1.5 baths1,394 sq ft

620 W Lawrence St, Springfield, IL 62704

COMING SOON

$290,000

2 beds2 baths1,566 sq ft

52 Turnberry Pl, Springfield, IL 62704

$87,900

3 beds1 bath946 sq ft

1120 S Pasfield St, Springfield, IL 62704-0000

Home values near 506 S Walnut St

Data from public records.

Address	Redfin Estimate
540 South Walnut St, Springfield, IL 3 Beds \| 2 Baths \| 1535 Sq. Ft.	$142,659
422 South Walnut St, Springfield, IL 2 Beds \| 1 Baths \| 949 Sq. Ft.	$96,990

Address	Redfin Estimate
418 South Walnut St, Springfield, IL 4 Beds \| 2.5 Baths \| 2762 Sq. Ft.	$185,808
502 South Walnut St, Springfield, IL - Beds \| - Baths \| - Sq. Ft.	$235,293

Address	Redfin Estimate
409 South Walnut St, Springfield, IL 4 Beds \| 2 Baths \| 1992 Sq. Ft.	$100,538
510 South Walnut St, Springfield, IL 3 Beds \| 2.5 Baths \| 2242 Sq. Ft.	$210,117

Property information provided by RMLSA as Distributed by MLS Grid when last listed in 2024. This data may not match . Learn more.

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