McDaniel School; Center City

Office for Sale
Catylist Listing ID: 28829729
Property Subtypes: Executive Suites, Institutional, Office Building
Building Size (RSF): 24,300 SF
Gross Building Area: See Agent
Gross Land Area: 1.40 Acres
Sale Price: $1,890,000
Unit Price: $77.78 PSF
Property Use Type: Investment, Vacant/Owner-User
Building Name: The McDaniel School
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/16/2017

Overview / Comments

Built in 1908 and designated as a Springfield Historic Site and on the National Historic Registry, the McDaniel School served as an elementary school for the Springfield Public Schools until 1968. It continued as a vocational adult education center until 1992 when it was converted into offices. This Neoclassical brick building was purchased and renovated in 2003 for its current tenant, Bryan University Administrative Offices.

2003-2007 renovations included the addition of an elevator to service the first and second floors, upgraded HVAC including central air, new electrical wiring, and new lighting. Building is wired with CAT5e Ethernet capable of carrying gigabit speeds, and multiple providers offer high speed fiber optic internet in the area. Property includes 88 valuable parking spaces. Adjacent to the Aspen Heights: Student Housing apartments.

The McDaniel School has 3 1/2 floors of offices, classrooms, and lobby spaces, and an attached ±2,848 SF auditorium. Historic original flooring flow throughout the building with rich, beautiful hardwood floors on upper levels. The lower level includes large multi-stall restrooms, and the top floor features a potential penthouse.

This center city location has lots to offer. The surrounding 1 mile radius includes 4 university/college campuses, over 800,000 SF of office space, hotels including the University Plaza & Convention Center, the Springfield Expo Center, a federal court house, Hammons Field - home of the Springfield Cardinals, and Springfield's growing downtown district full of theaters, music venues, restaurants and shops.

Where did it get it's name? Joseph McDaniel, pioneer businessman, member of the McElhaney, Haggard & McDaniel Mercantile Co., and President of the National Greene County Bank.

Current tenants have plans to vacate, property is available for sale and for lease.

Contact Ken Schwab to schedule a tour @ 417.890.3226 or kschwab@wilhoitproperties.com.

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $24,045 (Annual)
Finance Data Year 2015
Real Estate Taxes - Annual($) $23,861 (Annual)

Additional Details

Nearest MSA: Springfield
County: Greene
Taxing Authority: Greene County
Tax ID/APN: 881324117010
Zoning: O-2
Year Built: 1908
Year Renovated: 2003
Construction/Siding: Brick
Parking Type: Surface
Total Parking Spaces: 88
Internet Access: Gigabit
Interior Description: Building wired with CAT5e Ethernet capable of gigabit, and multiple providers offer high speed fiber optic internet to the property.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,204 96,156 168,725
Median Age: 24.34 32.68 35.74
Households: 6,026 40,544 72,844
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