Multifamily
Auction - Olde Towne Apartments | 218 Units | Vacant
748 Bruns Ln, Springfield, IL 62702
Starting Bid: $1,250,000
Investment Overview
Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2733/
Marcus & Millichap is pleased to present Olde Towne Apartments, located at 748 Bruns Lane, Springfield, IL (the “Property”). The Property is a 218-unit, garden-style community on ±11.84 acres with ±190,080 RSF and a balanced mix of 1- and 2-bedroom flats plus townhomes. Built in 1974, the Property’s low-finish vintage and multi-building layout suit a focused value-add program (unit interiors, common areas, curb appeal) that can be executed in phases. The clear utility split (tenant-paid electric; owner-paid water/sewer, gas, trash) and straightforward systems (TPO roofs, thru-wall HVAC, cooling towers) keep capital planning predictable.
As the capital of Illinois, the Springfield area is a hub of public sector activity and is also now a national historical site that draws many tourists to the region. The market is approximately 100 miles from St. Louis and 200 miles from both Chicago and Indianapolis. Location advantages include immediate access to Route 97/4, proximity to Amtrak (~2.5 mi) and Abraham Lincoln Capital Airport (~4 mi), and walkable bus service—plus nearby retail, parks, and schools. Springfield’s role as the Illinois state capital, coupled with major healthcare and education employers, underpins durable renter demand. The Property has a population of ±56,960 residents within a 3-mile radius and an average household income of ±$86,777. Old Towne Apartments offer investors a rare chance to acquire scale at a low-cost basis - positioning buyers to create value through renovations, revenue optimization, and operational efficiencies in a stable, demand-supported submarket.
Auction - Olde Towne Apartments | 218 Units | Vacant
Investment Highlights
- STARTING BID $1,250,000 | Olde Towne Apartments | 218 Units | Vacant | AUCTION OCTOBER 27-29
- Scale & Flexibility: 218 units across 25 two and three-story, garden-style buildings on ±11.84 acres - enables phased renovations and operational upside without disrupting the whole property.
- Efficient Unit Mix & Sizes: 1-Bed (33%, ±580 SF), 2-Bed (47%, ±960 SF), 2-Bed,1.5-Bath TH (9%, ±1,100 SF), 2-Bed,1.5-Bath Large TH (11%, ±1,180 SF) — ±190,080 RSF total.
- Infill Capital-City Location: Quick access to Route 97/Route 4, ±2.5 miles to Amtrak, ±4 miles to Abraham Lincoln Capital Airport; near bus stops, retail (County Market, Dollar General), parks, and top-rated schools.
- Employment & Demand Drivers: Springfield MSA anchored by State of Illinois plus large healthcare/education bases (Memorial Health, HSHS St. John's, Springfield Clinic); Avg HH Income ±$86,777 (3-mile) supports rent growth targets.
Multifamily
Auction - Olde Towne Apartments | 218 Units | Vacant
Starting Bid: $1,250,000
Investment Highlights
- STARTING BID $1,250,000 | Olde Towne Apartments | 218 Units | Vacant | AUCTION OCTOBER 27-29
- Scale & Flexibility: 218 units across 25 two and three-story, garden-style buildings on ±11.84 acres - enables phased renovations and operational upside without disrupting the whole property.
- Efficient Unit Mix & Sizes: 1-Bed (33%, ±580 SF), 2-Bed (47%, ±960 SF), 2-Bed,1.5-Bath TH (9%, ±1,100 SF), 2-Bed,1.5-Bath Large TH (11%, ±1,180 SF) — ±190,080 RSF total.
- Infill Capital-City Location: Quick access to Route 97/Route 4, ±2.5 miles to Amtrak, ±4 miles to Abraham Lincoln Capital Airport; near bus stops, retail (County Market, Dollar General), parks, and top-rated schools.
- Employment & Demand Drivers: Springfield MSA anchored by State of Illinois plus large healthcare/education bases (Memorial Health, HSHS St. John's, Springfield Clinic); Avg HH Income ±$86,777 (3-mile) supports rent growth targets.
Investment Overview
Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2733/ Marcus & Millichap is pleased to present Olde Towne Apartments, located at 748 Bruns Lane, Springfield, IL (the “Property”). The Property is a 218-unit, garden-style community on ±11.84 acres with ±190,080 RSF and a balanced mix of 1- and 2-bedroom flats plus townhomes. Built in 1974, the Property’s low-finish vintage and multi-building layout suit a focused value-add program (unit interiors, common areas, curb appeal) that can be executed in phases. The clear utility split (tenant-paid electric; owner-paid water/sewer, gas, trash) and straightforward systems (TPO roofs, thru-wall HVAC, cooling towers) keep capital planning predictable. As the capital of Illinois, the Springfield area is a hub of public sector activity and is also now a national historical site that draws many tourists to the region. The market is approximately 100 miles from St. Louis and 200 miles from both Chicago and Indianapolis. Location advantages include immediate access to Route 97/4, proximity to Amtrak (~2.5 mi) and Abraham Lincoln Capital Airport (~4 mi), and walkable bus service—plus nearby retail, parks, and schools. Springfield’s role as the Illinois state capital, coupled with major healthcare and education employers, underpins durable renter demand. The Property has a population of ±56,960 residents within a 3-mile radius and an average household income of ±$86,777. Old Towne Apartments offer investors a rare chance to acquire scale at a low-cost basis - positioning buyers to create value through renovations, revenue optimization, and operational efficiencies in a stable, demand-supported submarket.
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