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520 S 2nd St
Springfield, IL 62701
Lincoln Tower Apartments · Multifamily Property For Sale
·
199 Units
Investment Highlights
- Located within walking distance of the Illinois State Capitol and downtown employers.
- Includes a fitness center, resident lounge, and controlled-access entry.
- Positioned in Springfield's downtown district near dining and entertainment.
- Features a diverse mix of one-, two-, and three-bedroom residences.
- Structured parking and elevator service support resident convenience.
- Opportunity exists to modernize units and enhance property operations.
Executive Summary
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.
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.
Property Facts
| Sale Type | Investment | Lot Size | 1.41 AC |
| No. Units | 199 | Building Size | 491,218 SF |
| Property Type | Multifamily | Average Occupancy | 88% |
| Property Subtype | Apartment | No. Stories | 17 |
| Apartment Style | Hi-Rise | Year Built/Renovated | 1968/2023 |
| Building Class | B | Parking Ratio | 0.16/1,000 SF |
| Zoning | R-5 - General Residence & Office District | ||
| Sale Type | Investment |
| No. Units | 199 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | B |
| Lot Size | 1.41 AC |
| Building Size | 491,218 SF |
| Average Occupancy | 88% |
| No. Stories | 17 |
| Year Built/Renovated | 1968/2023 |
| Parking Ratio | 0.16/1,000 SF |
| Zoning | R-5 - General Residence & Office District |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Carpet
- Loft Layout
- Patio
- Window Coverings
Site Amenities
- 24 Hour Access
- Business Center
- Clubhouse
- Concierge
- Fitness Center
- Picnic Area
- Property Manager on Site
- Disposal Chutes
- Furnished Units Available
- Grill
- Smoke Free
- Elevator
- Lounge
- Maintenance on site
- Key Fob Entry
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 106 | - | 750 |
| 1+1.5 | 4 | - | 1,000 |
| 2+2 | 85 | - | 1,000 - 1,200 |
| 3+3 | 4 | - | 1,600 - 1,800 |
Property Taxes
| Parcel Number | 14-34.0-154-027 | Improvements Assessment | $73,268 |
| Land Assessment | $170,765 | Total Assessment | $244,033 |
Property Taxes
Parcel Number
14-34.0-154-027
Land Assessment
$170,765
Improvements Assessment
$73,268
Total Assessment
$244,033
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