Receiver Sale: Lincoln Tower Apartments | 17-Story Value-Add

Starting Bid $1,250,000

Brokered by Friedman Real Estate and powered by RealINSIGHT Marketplace, 520 S 2nd Street in Springfield, Illinois is a 190-unit, 17-story multifamily high-rise offered via receivership reserve auction. Built in 1968 and renovated 2015-2023, the ±1.21-acre property includes 10 second-floor commercial suites totaling ±11,246 SF and was 84.21% occupied as of June 2026. The tower offers a mix of one-, two-, and three-bedroom units alongside amenities including a fitness center, clubroom, business lounge, and parking garage. Located in downtown Springfield near the Illinois State Capitol and major government, healthcare, education, and transportation employers, Lincoln Tower gives investors a centrally located multifamily asset with clear upside through continued unit upgrades, commercial lease-up, and operational improvements.

190-Unit, 17-Story Downtown High-Rise Sale: Built in 1968 and renovated 2015 through 2023, offered via receivership reserve auction process.

84.21% Occupied With Continued Upside: June 2026 occupancy leaves clear room to grow income through continued unit-by-unit turnover.

10 Commercial Suites Diversify Cash Flow: Approximately 11,246 SF of second-floor commercial space supplements the residential rent roll.

Steps From the Illinois State Capitol: Central Springfield location anchors demand from government, healthcare, and education employers.

Auctioneer: Scott Bowers

Auctioneer License: 040000273

Auctioneer Company: c/o Fisher Auction Company Inc.