The flight instructor in the multi-engine airplane reported that during a simulated single-engine instrument approach to runway 2, the right engine was configured for the simulated failure. The instructor reported that the goal was to perform a missed approach on one engine and note the airplane's performance. The pilot under instruction descended to the decision height and executed the missed approach procedure, but the airplane would not climb. The flight instructor told the pilot to go to full power on both engines. "Mixtures, props and throttles were all full forward and the fuel flow levers were both at the ON position," according to the flight instructor, and he took control of the airplane. The flight instructor reported that there were trees and buildings to the north and he made a left turn about 400 feet above ground level with the intent to land on runway 14. He extended the landing gear; but realized that he would not make the runway. He executed a forced landing to the southwest on taxiway Sierra, the airplane crossed over runway 32-14, and although heavy braking was applied, the airplane exited the taxiway and impacted a drainage culvert. The airplane sustained substantial damage to the aft fuselage stringers and longerons. The airport elevation was 488 feet, the density altitude was 2,120 feet, the temperature was 81° and the dew point was 66° F, the wind was calm, and the flight instructor stated that carburetor heat was not used during the approach on either engine. Per the AOPA Carburetor Ice Probability Chart, the relative humidity was about 60 percent and there was serious icing probability when operating in a gliding flight profile.