1750 W. Washington Street Springfield, IL 62704
Property Highlights:
Great investment opportunity in the state capital of Illinois:
Built in 1975, the property is a former nursing home. It has 69 rooms of which 52 are large/double residential rooms. There are also 44 bathrooms in total.
The one-story brick building sits on 2.00 acres (87,125 sq ft) in a great location, 2 miles from Downtown Springfield and right next to Fairhills Mall Shopping Center and Hickory Glen Senior Living.
Sold with clear title - No back taxes or liens - Warranty deed - No auction premium
Features:
Great Investment Opportunity- Suitable for a variety of uses:
This is a great redevelopment or reuse opportunity. The property has been used as a nursing home and is ideal for reuse as a nursing home, assisted living, elderly, health or medical care as it is already equipped for such uses and consequently offers great potential as it could be adapted to such uses with minimal time and cost.
The property is in the General residence and office zoning district and could be redeveloped into the several uses including*:
*subject to zoning approval as needed
Description
The former nursing Home building which was built in 1975 is 26,346 SF and offers flexible space, convenience and on-site parking. It is a one-story accessible commercial solid brick building with pleasant modern design. Internally, the property has lots of spacious well-proportioned rooms and nice and wide hallways and the rooms are in general light and airy. There 113 rooms in total which are divided as follows: 52 double residential rooms, 44 restrooms showers and 17 rooms of various types including a main dining/activity area in the center, several private offices, break room, kitchen, laundry facility, and storage.
The property sits on a lot which is 410 ft x 212.5 ft and has a total area of 87,125 sq ft (2.0 acres). It is landscaped with grass, trees, shrubs, and gardens. A patio/garden area is located between, and visible from, South and Southwest Wing rooms. The site provides well-lit, ample parking in front, back, and side for visitors, guests, and staff and appears to be in good condition. There are 7 visible entry/exit points to the building providing great access with several wheelchair- accessible ramps. There 2 storage sheds at the back of the building and there are currently over 30 marked parking spaces at the front and back of the property.
|
Residential/Bedroom |
52 |
|
Bathroom |
44 |
|
Administrative Purpose |
5 |
|
Maintenance/Utility |
3 |
|
General Purpose |
4 |
|
Kitchen |
1 |
|
Laundry |
1 |
|
Storage Purpose |
3 |
|
TOTAL |
113 |
Facility Room Count Total by Type
There is a lot of medical equipment, beds and furniture in the property which could be reused as needed.
Property condition
In general, the main structure of the building is in good condition, the brickwork is good, the roof is in good condition with no apparent leaks, the doors and windows are in good condition and operational. The HVAC systems were in working order when last used but have not been used for a while and will need checking, servicing and updating as needed.
Work needed: Some electrical, plumbing, dry wall and HVAC systems has been vandalized and will need repairing or replacing. Most damage appears to be cosmetic, but repairs, renovation and decoration will be needed. The property also needs a full clean up.
Location:
The property is situated in Springfield IL, which is the state capital of Illinois with a population of about 114,000 and metropolitan area population of 211,700 the largest in central Illinois. The government of the state of Illinois is based in Springfield. State government institutions include the Illinois General Assembly, the Illinois Supreme Court and the Office of the Governor of Illinois. Springfield is in the center of the state which is accessible by both Interstate 55 and 72. The city is 200 miles, southwest of Chicago and about 90 miles northeast of St Louis, MO. It is the hometown of President Abraham Lincoln, and a major tourist location, Springfield is also the 6th most populous city in Illinois and home to University of Illinois (UIS), Southern Illinois University (SIU) and Lincoln Land Community College.
Springfield’s economy is mainly boosted by the State Government and it is a medical community with two large hospitals (Southern Illinois School of Medicine and the Simmons Cooper Cancer Institute). It is also home to many legal firms, state associations and other professional services due in large to the state government and the medical activity in the city, including Horace Mann Educators, Levi, Bunn O Matic Corp and Ray & Shoup (LRS) all of which are headquartered in Springfield.
The property is in a very good location situated on West Washington Street in the vibrant center-west side of Springfield in a highly attractive commercial area, with a good mix of residential and businesses in established neighborhood. The property itself is set in quiet area offering privacy and close proximity to residential areas and shopping with consistent foot traffic, public transit, and which includes grocery, eateries, banking, fuel, and nearby private schools. Shopping is conveniently located next door at The Fairhills Mall Shopping Center which is County Market-anchored. The property is located next to Hickory Glen Senior Living which is a popular thriving high-rise senior living apartment complex.
Other nearby attractions and amenities include Grant Middle School, Sacred Heart-Griffin High School, Catholic Pastoral Center, Pasfield Golf Course, Family Dollar, Walgreens among others. There are also several nearby restaurants and cafes which include Starbucks, Dunkin’ Donuts, McDonalds, Domino’s Pizza, Hardee’s, Burger King, Casey’s, KFC and Alexander’s Steak House.
Abraham Lincoln Capital Airport is only 4.3 miles away.
The property is within walking distance of many excellent schools, stores, restaurants, banks, Shopping Malls and various local businesses, services and comprehensive local facilities and amenities as follows:
Restaurants
Cousin Eddies (0.1mi), China Wok (0.1mi), Jimmy John's (0.2mi), Thai Kitchen 2 (0.3mi), Joe's Italian Pizza (0.5mi), Alexander's Steak House (0.6mi), KFC (0.6mi), Subway (0.6mi), Nancy's Pizza (0.6mi), McDonald's (0.7mi), Casey's General Store (0.7mi), Pizza Hut (0.8mi), Subway (0.8mi), Hawaiian BBQ (0.8mi)
Coffee
Starbucks (0.2mi), Cook's Spice Rack & Chili (1.3mi), D & J Café (1.5mi), Custom Cup Coffee (1.7mi), Cafe Moxo (1.8mi), Andiamo (1.9mi), Caribou Coffee (1.9mi), Starbucks (2mi), Bean Counter (2.2mi), Grab-A-Java (2.2mi), Teavana (2.6mi), Grab-A-Java (3mi), Starbucks (3.6mi),
Bars
The Bird Tavern (0.5mi), Cdz Inc (0.5mi), R R Service (1mi), Cottage Inn (1.1mi), Easy Does IT Club (1.2mi), Trading Post Salon (1.2mi), Bob and Ritas-Springfield (1.4mi), Illinois Tap (1.5mi), The Dublin Pub At Vinegar Hill (1.5mi), Bob's Butternut Hut (1.6mi), D H Brown (1.7mi), Tin Can Pub (1.7mi), Shamrock Tavern (0.1mi), The Bird Tavern (0.5mi), Cdz Inc (0.5mi), R R Service (1mi), Cottage Inn (1.1mi), Easy Does IT Club (1.2mi), Trading Post Salon (1.2mi), Bob and Ritas-Springfield (1.4mi), Illinois Tap (1.5mi), The Dublin Pub At Vinegar Hill (1.5mi), Bob's Butternut Hut (1.6mi), D H Brown (1.7mi), Tin Can Pub (1.7mi), Two Brothers Lounge (1.7mi), J P Kelly's Pub & Package Liquor (1.7mi), Club Station House (1.7mi), Bar None (1.8mi), Craft Beer Bar LLC (1.8mi), Catch 22 (1.8mi), Capital Andy's Llc (1.9mi), Celtic Mist Pub (2mi), Pinnacle Club Lounge (2mi), Track Shack (2.1mi), Susie Q's (2.1mi), Office Sports Bar (2.2mi), Illinois Tap Inc (2.3mi), Lu's Home Tavern (2.3mi), Mac's Lounge (2.4mi), Price Street Pub (2.5mi), Bang's Hideout (2.5mi), Harry's Adult Daycare (2.5mi), Dublin Pub (2.5mi), J W's Lounge (2.6mi), Blue Grouch Pub (2.6mi), Ash Street Pub (2.6mi), MA Fatz (2.7mi), Brooklyn Tavern (2.9mi), Lazy Lou's (2.9mi), Franny's (2.9mi), Dude's Saloon (2.9mi), Knuckle Heads (2.9mi), Converse Street Bar (3mi), Just Left Inn (3mi), Felbers (3mi), Butch's (3mi), Old Timers Lounge (3.1mi), Spammy's (3.2mi), Endres Tavern (3.2mi), G & M Package Liquor & Lounge (3.3mi), Applebee's Neighborhood Grill & Bar (3.5mi), Hot Shots Bar (3.5mi), The Finish Line (3.5mi)
Groceries
County Market (0.09mi), Robert's Seafood Market (0.5mi), Spirits West (0.6mi), E & F Distributing Co. (1.2mi), Mini Devon (1.3mi), The Department Of Revenue Child Care Center (1.4mi), Handy Pantry (1.5mi), County Market (1.7mi), Shop 'n Save (1.8mi), Springfield Old Capital Farmers Market (1.8mi), Hy-Vee (1.9mi), Del's Popcorn Shop (1.9mi), Schnucks (2mi), Northend Pub (2.4mi), Little World International Food Market
Parks
Pasfield Park (0.5mi), Washington Park (0.7mi), Douglas Park (1mi), Jefferson Park (1mi), Old State Capitol Plaza (1.9mi), Lincoln Home National Historic Site (2.1mi), Lincolns Tomb State Historic Site (2.1mi), Enos Park (2.2mi), Central Springfield Historic District (2.2mi), Lincoln Park (2.3mi), Iles Park (2.4mi), Lincoln Park (2.5mi), Cadigan Park (2.5mi), Memorial Pool Park (2.6mi), Lanphier Park (2.8mi), Westchester Park (3.1mi), Vredenburg Park (3.2mi), Fairview Park (3.3mi), Bunn Park (3.4mi), Jaycee Park (3.5mi), Hobbs Park (3.6mi), Bergen Park (3.8mi),
Schools
Our Saviors Lutheran School (1.4mi), Montessori School House Of Springfield (1.5mi), Enos Elementary School (1.5mi), Butler Elementary School (1.5mi), The Keystone School (1.5mi), Blessed Sacrament (1.7mi), Christ the King (1.8mi), Cathedral School (1.9mi), Benjamin Franklin Middle School (1.9mi), Lawrence Education Center (2mi), Springfield Learning Academy (2mi), McClernand Elementary School (2mi), Lutheran High School (2.1mi), St Joseph School (2.2mi), Lincoln Magnet School (2.3mi), Black Hawk Elementary School (2.4mi), Grace Baptist (2.5mi), Sandburg Elementary School (2.5mi), Hope Institute-Heather Mill (2.6mi), Lanphier High School (2.6mi), Feitshans Elementary School (2.6mi), Ridgely Elementary School (2.8mi), Iles Elementary School (2.9mi), St Patrick Catholic School (3mi), Hope Institute-Belhaven (3mi), Hope Institute-Grinnell (3mi), Harvard Park Elementary School (3.1mi), Lindsay School (3.1mi), Hope Institute-Lindbergh (3.4mi), Matheny-Withrow Elementary School (3.4mi), Fairview Elementary School (3.4mi), Washington Middle School (3.5mi), St Aloysius Elementary School (3.6mi), Springfield Southeast High School (3.7mi), Southern View Elementary School (3.7mi), Waterfall Canyon Academy (3.7mi), Little Flower School (3.8mi), Springfield Ball Charter School (3.8mi), Jefferson Middle School (3.8mi)
Shopping
Imagination Plus (0.05mi), Mustard Seed Outlet (0.1mi), Qik-n-EZ (0.2mi), Myers- Rice Land Services (0.2mi), Womb With A View (0.3mi), Treasures for Tails (0.3mi), Pet-A-Groom (0.5mi), The Rock Shop (0.5mi), Candice's Boutique & Formal Wear (0.5mi), Circle K (0.7mi), Dollar General (0.7mi), Clothes Mentor (0.8mi), State Beauty Supply (0.8mi)
Entertainment
Redbox (0.6mi), Family Video (0.9mi), Amf (1.2mi), Trading Post Saloon (1.3mi), Illinois Board of Admissions To the Bar (1.4mi), Illinois State Museum (1.5mi), Illinois State Military Museum (1.6mi), Urban Sasssfras (1.7mi), Dana-Thomas House (1.8mi), Elf Shelf Books & Music (1.8mi), Redbox (1.8mi), Korean War National Museum (1.8mi), The Pharmacy Gallery & Art Space (1.8mi), Springfield Union Station/Visitors Center (1.9mi)
Errands
Dean Carver Salon & Spa (0.05mi), Family Pride Cleaners (0.1mi), Illini Bank (0.2mi), City Eclipse Hair Studio (0.2mi), Great Clips (0.2mi), CVS Pharmacy (0.2mi), The Mane Place (0.3mi), Heartland Lions Eye Bank (0.3mi), Sass Hair Studio (0.3mi), True Value Company (0.5mi), Blades Unlimited (0.5mi), Shear Madness (0.6mi), Starcrest Cleaners (0.6mi), Supercuts (0.6mi)
(walkscore.com)
Demographics*:
Total population 114,230
% White alone 72.29%
% African American 19.9%
Average Household Income $63,521
Median House Value: $127,500
Owner occupier: 61.5%
* https://www.census.gov/quickfacts/springfieldcityillinois
https://censusreporter.org
Great Investment opportunity:
UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A SUBSTANTIAL HIGH-INCOME PROPERTY FOR A DISCOUNTED PRICE.
According to Costar, the highest current sale price/ SF for commercial property in Springfield, IL is $354/ SF and the average current sale price/ SF is $64 / sq ft. Using this average price of $64/SF, the value of this property can be estimated at: $1.68 million*
Leasing:
According to Costar, 66.7% of all leased properties have a cap ration of over 9 % and the average current asking commercial rent is $9.4 /SF putting potential gross rental income of this property at: $247,652/ year*
*assuming any needed repairs and decoration are done, and property made ready for occupation
Sale History for 1750 W. Washington Street Springfield, IL 62704
Last sale prior to foreclosure in 2019:
Sale Date 10/26/1999 Sale Amount: $3,900,000
Price Comps, properties for sale:
2205 Wabash Ave, Springfield IL 62704 – Vacant office building- 33,195 SF- $2,150,000 ($64.77/ SF)
2960 Professional Dr, Springfield IL 62704 – Vacant office building- 28,362 SF- $2,350,000 ($82.86/ SF)
3025 Lindberg Blvd, Springfield, IL 62704- Retail Building- 27,511 SF - $1,600,000 ($58/ SF)
3401 Gaines Mill Rd, Springfield, IL 62704- Multifamily Building- 25,000 SF - $1,100,000 ($44/ SF)
401 E Washington St, Springfield IL 62701 – Vacant office building- 24,780 SF- $1,200,000 ($48.43/ SF)
1622 S Macarthur Blvd, Springfield IL 62704 – Vacant office building- 33,200 SF- $750,000 ($22.5/ SF)
2040 Hill Meadows Dr, Springfield, IL 62702 - Vacant Office Building- 24,600 SF- $ 999,000 ($41/SF)
521 S 11th St, Springfield, IL 62703, Vacant Office Building- 25,046 SF- $1,100,000 ($43,91/SF)
2524 Farragut, Springfield, IL 62704 - Medical Office Building- 18,000 SF- $ 1,080,000 ($60/SF)
917 W. Jefferson, Springfield, IL 62702 - Retail Building- 16,000 SF- $ 795,000 ($49.69/SF)
1411 E Jefferson St, Springfield, IL 62703 – Industrial / warehouse Building- 11,200 SF- $500,000 ($44.64/SF)
3100 E Atlanta, Springfield, IL 62702 – Vacant Retail Building - 10,600 SF - $1,325,000 ($125/SF)
900 Community Dr, Springfield, IL 62703 – Vacant Office Building - 11,256 SF- $1,100,000 ($98/SF)
3700 Wabash Ave, Springfield, IL 62711 – Vacant Retail Building - 40,000 SF - $2,600,000 ($65.5/SF)
Great value and excellent capital appreciation potential:
The property is offered at $325,000 which is just $12.33/SF, which is 80% below average price/ SF in this area.
Nursing Home Operation:
The property has 52 large residential rooms and can therefore be certified for 104 beds.
There are 20 nursing homes serving Springfield, Illinois of which only 10 are in Springfield and 10 others in the nearby areas. The costs of nursing home care in Springfield, IL generally range between $186 per day and $1,035 per day. The median charge per resident in nursing homes in Springfield IL is $229 per day, or about $83,585 annually.
Based on this average the gross yearly operating income at 100% occupation is: $8,692,840 /year.
Ref: senioradvice.com
Real Estate Taxes:
The property consists of 3 parcels:
Sangamon County, IL parcel ID: 14-32.0-126-005, 14-32.0-126-006, 14-32.0-126-007
Total yearly taxes:
14-32.0-126-005 : $10,412.42
14-32.0-126-006 : $3,582.38
14-32.0-126-007 : $1,093.20
PROPERTY IS SOLD AS IS, WHERE IS- WARRANTY DEED - CLEAR TITLE - NO BACK TAXES – NO LIENS
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
There is no document preparation fee and no auction premium for this auction.
10% non-refundable deposit is due within 48 hours of auction close to be paid into escrow.
Final Payment to be made within 3 weeks of the Auction close.
All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Sale is ‘As IS’ and Buyers are responsible for building code violations (if any). Buyers are bound by the Purchase Agreement if attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
OVER 200 AUCTIONS ALREADY SOLD ON BID4ASSETS, CHECK OUT OUR PROPERTY PAGE FOR CURRENT AUCTIONS:
http://www.bid4assets.com/v5/search/#t=s|s=507829|sc=bidclosetime|so=ASC
