The former Oak Terrace property at 1750 W. Washington in Springfield has gone up for auction, and the listing agent describes it as a great redevelopment opportunity, despite the deferred maintenance.
“Where it’s positioned between Fairhills Mall and Hickory Glen Senior Living and being across from SHG, it’s prime for some type of multi-family use, or additional senior living at that site,” said Blake Pryor, a Realtor with Coldwell Banker Commercial Devonshire Realty in Springfield.
Oak Terrace, a 78-bed skilled nursing facility, closed abruptly in September 2017 amid financial difficulties and in 2019 a group of out-of-state investors purchased the real estate. Pryor listed the property in July 2019 for $549,000 but said there wasn’t much activity, even after the listing price was lowered to $399,000.
Pryor said he’s already received a number of inquiries about the property since the announcement that sealed bids would be accepted from March 2-31.
“It’s on two acres, and the structure itself is 26,000 square feet; it’s got decent bones. It’s going to need a lot of TLC, but with the aging demographic in Springfield you’re seeing all these new places pop up that cost $12-$15 million. This is already built and could be converted to a new use for a lot less than that,” Pryor said.