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.
“(The owners) weren’t sure that continuing to let it sit and lowering the price was going to get it done. They’d rather see what somebody is willing to pay and then decide if they can part with it at that price,” Pryor said of the decision to auction the property.
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.