SQUARE FEET2,952
MLS#12785753
STATUSNew
PROPERTY TYPECommercial - Business
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.
Property Features
Property Type: Commercial - Business
Cooling: Wall Sleeve
Lot Size: 0.38 Acres
Roof Type: Composition
Stories: 1.0
Taxes: $4,112
Year Built: 1978
Feature Descriptions
Electric: Circuit Breakers, Service - 101 to 200 Amps
Exterior: Wood, Masonite
Fire Protection: None
HVAC: Ceiling Units, Gas
Lot Dimensions: 125x132
Parcel#: 422012284015
Parking: 31-50 Spaces
Units: 1
Listed By / Shown By
Listed By
Agency Name: KELLER WILLIAMS-TREC
Agency Phone: 217-356-6100
Shown By
Agency Title: Berkshire Hathaway HomeServices Crosby Starck Real Estate
Agency Phone: 815-397-4040
© 2026 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered marks of HomeServices of America, Inc. ®
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505 N Walnut Street | MLS# 12785753
This commercial property located at 505 N Walnut Street , Champaign, IL 61820 is currently listed for sale with an asking price of $400,000. Search Champaign real estate on www.bhhscrosby.com today.