# 505 N Walnut Street, Champaign, IL 61820 > **TL;DR:** commercial, $400,000, built 1978. Est. $2,140/mo. Listed 17 days. ## Property at a Glance | Attribute | Value | |-----------|-------| | Price | $400,000 | | Year Built | 1978 | | Lot Size | 16,553 sqft (0.38 acres) | | Stories | 1 | | Property Type | Commercial (Other) | | Status | Active | | Days on Market | 17 | ## Estimated Monthly Costs | Category | Amount | |----------|--------| | Principal & Interest (20% down, 30-year at 6.5%) | $2,023 | | Estimated Insurance | $117 | | **Total** | **$2,140** | ## Property Highlights - Built in 1978 - 0.38 acre lot ## Description ### Agent 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. ## Location - **Address:** 505 N Walnut Street, Champaign, IL 61820 - **County:** Champaign ## Listing Agent - **Name:** Joe Zalabak - **Brokerage:** Keller Williams The Real Estate Center of Illinois, LLC - **Broker Phone:** (217) 356-6100 ## Photos ![505 N Walnut Street - Photo 1](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f3485007207r.jpg) ![505 N Walnut Street - Photo 2](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f1934509914r.jpg) ![505 N Walnut Street - Photo 3](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f2566487657r.jpg) ![505 N Walnut Street - Photo 4](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f4266173549r.jpg) ![505 N Walnut Street - Photo 5](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f3127544075r.jpg) ![505 N Walnut Street - Photo 6](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f4011291665r.jpg) ![505 N Walnut Street - Photo 7](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f1567855425r.jpg) ![505 N Walnut Street - Photo 8](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f81065767r.jpg) ![505 N Walnut Street - Photo 9](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f3207740280r.jpg) ![505 N Walnut Street - Photo 10](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f1385315004r.jpg) ![505 N Walnut Street - Photo 11](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f1204786257r.jpg) ![505 N Walnut Street - Photo 12](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f4271293323r.jpg) ![505 N Walnut Street - Photo 13](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f1519531098r.jpg) ![505 N Walnut Street - Photo 14](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f343435704r.jpg) ![505 N Walnut Street - Photo 15](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f886033879r.jpg) ![505 N Walnut Street - Photo 16](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f1100246532r.jpg) ![505 N Walnut Street - Photo 17](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f2117636848r.jpg) ![505 N Walnut Street - Photo 18](http://lh.rdcpix.com/b7867cf4d66ff51a80c7a3a72409b8e8l-f3485007207r.jpg) --- **MLS#:** 12785753 | **Updated:** 2026-10-20 **Source:** listhub *Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.* [View on PropertySimple](https://staging.propertysimple.ai/listing/505-n-walnut-street-champaign-il-61820-6a3773d3f6d946aba7a3606ada0eb7b8) --- ## Structured Data ```json { "@context": "https://schema.org", "@type": "RealEstateListing", "@id": "https://staging.propertysimple.ai/listing/505-n-walnut-street-champaign-il-61820-6a3773d3f6d946aba7a3606ada0eb7b8#listing", "url": "https://staging.propertysimple.ai/listing/505-n-walnut-street-champaign-il-61820-6a3773d3f6d946aba7a3606ada0eb7b8", "name": "505 N Walnut Street, Champaign, IL 61820", "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. 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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! 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