To find a school building for sale, review listings posted by commercial realtors, such as LoopNet, and visit school district websites to find information about surplus buildings for sale, advises Detroit Public Schools. In areas where school districts have more buildings than they need to house students, older facilities are sometimes available at a considerable bargain.
In areas where the student population is growing, school districts are unlikely to sell buildings. However, in areas where there are more school buildings than the student population requires, school districts often seek to gain revenue by selling properties. Selling the schools can sometimes be difficult because of unusual design elements, such as gymnasiums and cafeterias, as stated by the Chicago Tribune.
As of 2015, Detroit Public Schools has brought in more than $12 million in revenue by selling empty school properties and leasing unused buildings to other properties. Even so, the district still has over 100 properties available for sale, as of 2015. To handle these transactions, the district has taken the unusual step of setting up an Office of Real Estate, as noted by Detroit Public Schools. Investors with a creative, entrepreneurial eye can turn these buildings into different types of facilities.