Former Franklin Elementary in Jacksonville Listed for $500,000

The brick schoolhouse at 352 Franklin St. in Jacksonville is on the market with a $500,000 asking price as of January 9, 2026. Sitting on a 4.22-acre parcel, the property includes a full gymnasium, auditorium, locker rooms, and a large parking lot. The listing positions the building for multi-use and multi-family redevelopment, citing potential live-work conversions, event venue operations, or other repurposing.

Zoning on the site is split by level: the main floor is zoned for tenant use while the lower-level gym and locker rooms are zoned commercial. That mix expands options for buyers seeking both residential and revenue-generating commercial space, but also means redevelopment plans will need to navigate two distinct regulatory tracks. The listing agent is Clay Yates of The Real Estate Group.

The building closed as a district elementary school in 2012. It later briefly housed a charter school and was purchased by MacMurray College prior to that institution closing. The structure approaches 87 years of age, which strengthens its historic character but also signals likely renovation and compliance costs for updated building systems, accessibility improvements, and modern housing standards.

For Morgan County residents and municipal planners, the sale raises several economic questions. A conversion to multi-family housing could add local housing supply and broaden the tax base if units are assessed and occupied, while an event venue could drive modest local spending on catering, retail, and lodging nearby. Commercial tenants in the lower level could provide steady employment and rental income. Conversely, significant upfront investment may be required to retrofit classrooms and institutional spaces into marketable residential units or modern commercial facilities.

The reduced asking price from the September listing may reflect market responsiveness to both the building’s age and the capital needed for adaptive reuse. Potential buyers will weigh acquisition cost against renovation estimates and long-term revenue prospects. For local officials, the sale offers an opportunity to steer reuse toward community needs such as affordable housing, small business space, or community programming, while seeking to secure property tax contributions that have been absent since the school’s closure.

As interest in repurposing institutional buildings continues in smaller Rust Belt and Midwest communities, the Franklin School site will be a test case for Jacksonville’s capacity to translate an aging public asset into productive private use that serves neighborhood needs and supports local economic activity.