248-255-6052
520 S 2nd St, Springfield, IL for Sale
Apartments - FOR SALE
1/23
null | Request Cap Rate

520 S 2nd St
Springfield, IL 62701


HIGHLIGHTS

  • Located within walking distance of the Illinois State Capitol and downtown employers.
  • Features a diverse mix of one-, two-, and three-bedroom residences.
  • Includes a fitness center, resident lounge, and controlled-access entry.
  • Structured parking and elevator service support resident convenience.
  • Positioned in Springfield's downtown district near dining and entertainment.
  • Opportunity exists to modernize units and enhance property operations.

OVERVIEW

Lincoln Tower presents an opportunity to acquire a 17-story multifamily asset in downtown Springfield, Illinois. The property contains approximately 190 residential units with a diverse mix of one-, two-, and three-bedroom floor plans that appeal to a broad range of renters. Positioned within walking distance of the Illinois State Capitol and surrounding government offices, the property benefits from a location supported by public sector employment, healthcare institutions, educational resources, dining, and entertainment destinations. The asset offers a collection of resident amenities including a fitness center, resident lounge, controlled access, elevators, and structured parking. These features support tenant convenience while contributing to the property's operational appeal. Its downtown setting provides connectivity to major employment centers and everyday services, supporting ongoing residential demand within the Springfield market. Lincoln Tower also presents an opportunity for future ownership to implement property improvements and operational enhancements. Potential modernization initiatives may further strengthen the resident experience while positioning the asset to compete effectively within the local multifamily market. The combination of scale, established amenities, and a central business district location creates an investment opportunity for buyers seeking a multifamily asset with existing infrastructure and potential for continued value creation.

FOR SALE DETAILS

PRICE

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# OF UNITS

199

CAP RATE

Request Cap Rate

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lincoln Tower Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Hi-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

17

YEAR BUILT

1968

PARKING SPACES

48

LAND DETAILS

LAND ACRES

1.41 AC

LAND SF

61,420 SF

ZONING

R-5

APN/PARCEL ID

14-34.0-154-027

ASK ABOUT THIS PROPERTY

Richard DeptulaFriedman Real EstateMore Info
248-255-6052

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Richard DeptulaFriedman Real EstateMore Info
248-255-6052

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.