Apartment Or Condominium Conversion Opportunity


School or College Campus For Sale in Springvale, Maine 

Exceptionally suitable for conversion to 75 apartments or condominiums.


General Description

Three modern 2-story buildings (63,400 sq. ft.) secluded on twenty acres of rolling wooded land at the edge of a village in Southern Maine, about 90 miles from Boston. Built from 1964 to 1968 as dormitories for 352 students with classrooms for 120. Now under extensive renovation with new roofs and electrical services. Tennis courts, amphitheater, lounges and activity rooms.

The Buildings

Hanscom Hall is a 1968 two-story frame dormitory of 17,000 sq. ft. net, capacity 12 two bedroom units and 14 one bedroom units, or 128 students with two central lounges of 600sf each and a faculty apartment. Insulated, new gable roof, brick and stucco exterior. 
Forbes Hall is a 1966 two-story steel and timber dormitory of 18,000 sq. ft. net, capacity 30 two bedroom units and 2 one bedroom units, or 120 students with two central lounges of 2300sf each, six small classrooms for 120 students and two faculty apartments. Insulated, new gable roof, brick and stucco exterior. 
Pryor-Hussey Hall is a 1964 two-story block and frame dormitory of 13,000 sq. ft. net, capacity 17 two-bedroom units or 104 students with two central areas of 1200sf each and two faculty studios. Insulated, new gable roof, brick and block exterior. This building is unfinished.

Full plans and specifications are included for the site and each of the buildings. Floor plans and suggested plans for apartment conversion may be downloaded using the links below.

The Land

The campus consists of about twenty acres of attractively wooded gently-sloping land between a residential area of the village and the forest. About three acres are cleared and landscaped. A very pretty seasonal stream flows diagonally across the campus through the woods for about 1/4 mile to lowland near the entrance. A paved entrance road leads from the entrance on Summer Street, between Pryor-Hussey Hall and a neighboring elementary school, rising about 20 feet and and curving about 1/4 mile toward the two upper buildings and a landscaped circle overlooking the stream and woods. Drives between the buildings lead to parking areas with a capacity of about 80 vehicles.

The Location

The campus is located at the edge of the village of Springvale in southern Maine, about 90 minutes from Boston and 45 minutes from Portland. Surrounding land is principally forest, with a small town residential area and an elementary school at the entrance. Most construction and site services and equipment are available in the village (pop. 5,000) or neighboring Sanford (pop. 26,000); larger equipment and specialized services are brought from Portland. Sanford has three shopping malls with major department stores and food stores, as well as medical facilities. There are several moderate hotels and good restaurants in the area. The region has many beautiful lakes, and popular ocean beaches are 30 to 45 minutes away in Wells and York.

History

The campus was built between 1964 and 1968 as an expansion campus of the former Nasson College (1912-1983), which was intended to form a complete college division with academic and residential facilities. The college closed in 1983 and this campus was idle until 1992, when it was purchased to establish a college preparatory school. Since then the buildings have been partially renovated. Changes in the plans of Springvale School make the campus available.

Condition

All buildings are structurally sound, secured, and have new roofs installed between 1996 and 2001. Electrical service to Forbes Hall is new; others to receive new metered services. Underground oil tanks have been removed. Completion of exterior renovation required. Heating and plumbing systems require upgrade or replacement according to use. Interiors appear somewhat worn, requiring some plaster repair, painting, window glass and possibly carpeting. Dormitory baths require upgrade, but much dormitory furniture remains usable in the two upper buildings. Lawn conditions around the buildings average fair except recently planted areas.

Suitability

The campus is within a two hour drive of the population of greater Boston, and is the southernmost residential facility of its size in Maine. It is easily located on the first visit by Boston residents without prior knowledge of the area. When unboarded the buildings have a pleasant modern appearance, and are designed to house 352 students and several faculty members. This was the best facility found in New England during a ten-year search (1982 - 1992) for the establishment of a small college or independent school.

Assisted Living Facility planners should note moderate local labor rates. Conference or retreat center planners should note that the airport drive to Portland is most convenient at 45 minutes; Boston, MA is about two hours away by car, and Manchester, NH about 90 minutes.

Apartment or Condominium Conversion

Apartment developers should note that of the seven dormitories of the former college, three have been successfully converted to apartments and townhouses. These three buildings remain unconverted but are the most recent and most attractively located. The buildings are very suitable for conversion to residential units. Window size and layout, cieling height, exterior appearance and landscaping are all very well suited to an apartment complex without modification. Most floors and walls are wood frame and readily modified where necessary. Grouped baths to be removed; per-unit electrical services to be installed; heating may remain common but central systems to be replaced. There is room for additional parking and site plan review with contract zoning are available. An estimated minimum of 75 additional units could be constructed on the site. Floor plans may be downloaded using the links below, showing conversion of Forbes Hall to accommodate 30 two bedroom units and 2 one bedroom units; Hanscom Hall accommodates 12 two bedroom units and 14 one bedroom units; Pryor-Hussey Hall accommodates 17 two-bedroom units. The two bedroom units range from 720 to 800 sq. ft. and the one bedroom units range from 600 to 650 sq. ft.

If converted to 75 condominium units with an average value of $134,666.67 less conversion costs averaging $37,866.67 per unit, with an average time to sale of 12 months, net sales proceeds of $4,692.260.21 are projected after all costs and commissions. See Projected Returns spreadsheet below.

If converted to 75 apartments, 59 two bedroom units at 720-800 per month with heat, and 16 one bedroom units at 600-650 per month with heat (rents based upon recent market study), with reasonable absorbtion rates, a Net Operating Income of $525,778.03 is reached within 7 years, and an IRR return rate of 15% is realized upon sale, with net cash flow of $2,496,132.19 after all costs and commissions. See Projected Returns spreadsheet below.

Terms

Price $795,000.

Non-exclusive brokerage agreement will be considered.

Contact Information

For brochure, inspection appointments, driving directions, and accommodations contact: 
John Barth, President 
Springvale School Corporation 
P.O. Box 88 
Springvale, ME 04083 
Email: jbarth@gwi.net 
All representations herein are believed to be accurate but are not guaranteed. The seller is fully informed as to the value of the property and has set the price to allow the experienced investor a solid opportunity and an excellent profit. The case study below performed at Brown University shows an excellent IRR. Proposals involving leases, secondary owner financing, or aggressive negotiation are therefore not to be considered.

Forbes Hall

A 1966 two-story steel and timber dormitory of 18,000 sq. ft. net, capacity 30 two bedroom units and 2 one bedroom units, or 120 students with two central lounges of 2300sf each, six small classrooms for 120 students and two faculty apartments. Insulated, gable roof, brick and stucco exterior. Designed by an architect student of Frank Lloyd Wright.

Hanscom Hall

A 1968 two-story frame dormitory of 17,000 sq. ft. net, capacity 12 two bedroom units and 14 one bedroom units, or 128 students with two central lounges of 600sf each and a faculty apartment. Insulated, new gable roof, brick and stucco exterior. 

Pryor Hall

A 1964 two-story block and frame dormitory of 13,000 sq. ft. net, capacity 17 two-bedroom units or 104 students with two central areas of 1200sf each and two faculty studios. Insulated, new gable roof, brick and block exterior. This building is unfinished.

Floor Plans, Concept Drawings, and Conversion Plans


Full size engineering drawings of the site and all buildings, and 3-D walk-throughs of the conversion plans are available upon request.

Views of the Grounds

Views of the Community and Region