Fully-operational assisted living facility opened in 2016 with 10 rooms. An additional 10 rooms were built out in 2018, with the facility occupying +/- 8,000 sf of the building. The facility has an 80-90% occupancy rate. Architectural plans and city permits have been approved renovating the second half of the building, which will add another 20 rooms, for a total of 40. Projected cost to complete the build-out is $800,000 and will result in 16,000 sf of useable space.
This facility is built out with higher end materials and has a fully equipped commercial kitchen and multiple common areas with partial kitchens for snacking.
Annual Gross Revenues (at 100% occupancy) for the 40-room facility are projected at $1,632,000 with an NOI of $932,528. At 85% capacity, NOI is projected to be $700,688.