School Apartments 500 W State St 56 Unit Apartment Building $2,800,000 ($50,000/Unit) 8.03% Cap Rate Jacksonville, IL 62650

Marcus & Millichap is pleased to present School Apartments, a 58- unit multifamily asset located at 500 W. State Street in Jacksonville, Illinois. Originally constructed as a school building and thoughtfully converted to multifamily use, the property offers distinctive architectural character supported by durable construction elements not typically found in conventional garden-style product. Positioned within an established residential corridor in Morgan County, its centralized location enhances accessibility to employment, retail, and community services, supporting consistent rental demand.
School Apartments benefits from immediate proximity to neighborhood retail and daily needs shopping. Jacksonville Shoppes and Wal-Mart Plaza are located within approximately 1.5 miles, providing convenient access to grocery, pharmacy, and general retail amenities. The property is also just two miles from Passavant Area Hospital, one of the area’s primary healthcare providers and a significant employment anchor. In addition, Illinois College contributes to steady rental demand from students, faculty, and administrative staff. Located within the Jacksonville School District 117 attendance area and near major local roadways, the property is well-positioned within a stable and accessible residential submarket.
Jacksonville serves as a key hub in Central Illinois, supported by employment across healthcare, education, corrections, government services, and light manufacturing. Major employers include Passavant Area Hospital, Illinois College, Jacksonville Correctional Center, and several regional manufacturing operators. The city benefits from connectivity to Springfield and surrounding communities via U.S. Route 67 and IL-104 while maintaining a lower cost structure relative to larger Illinois metro markets. School Apartments presents investors with the opportunity to acquire a distinctive, income-producing asset in a steady, institutionally anchored Central Illinois rental market.