506 S Walnut St, Springfield, IL 62704

This four-unit investment property in the heart of Springfield offers strong income potential and a prime location near the medical district, downtown, and state buildings—perfect for attracting renters from these communities. The property consists of one main floor unit, two second-floor units, and a fourth unit on the finished third floor, each featuring 2 bedrooms, 1 bath, and a formal living space. Tenants pay for gas and electric (separately metered), while the landlord covers water and trash. The first-floor unit currently rents for $830/month on a month-to-month lease. Two of the three furnaces are new within the last five years, with central air in the first and third floors, and window AC on the second floor. The roof is approximately 7-8 years old. The property includes one parking space in front and additional parking in the back. Whether you’re looking to maximize rental income or live in one unit while renting out the others, this well-maintained property in a desirable area presents a fantastic investment opportunity.