Don’t miss this once in a lifetime opportunity to invest into the senior housing industry! The subject property consists of 26,238 usable square feet sitting on a large 1.94 acre lot. This property has zoning approval in hand for a 91 bed Assisted Living Facility. It also has approved building plans. The current construction costs are approximately $1.7mil, to build a state of the art Assisted Living Facility. Upon completion this property will be worth $7.5 mil based on recent comparable sales. Upon Stabilization (90% occupied), this facility is worth well over $8.5mil. After acquisition costs, construction and stabilization there is over $3.8mil in profit. Similar ALF's, when stabilized, are netting $682,500.00 per year. This is based on the average ALF operating in the State of Florida. This property is located in an excellent aging demographic of Clearwater Florida. It is in walking distance of a large nursing home and a 55+ residential community and rehabilitation center; giving this facility great synergy with the surrounding properties. The building is currently in shell condition, with approved plans in hand, ready for construction. It is very difficult to get zoning approval for 91 beds, which adds significant value to this property.
In City Limits, Oversized Lot, Street Paved
Listing Information Courtesy of Re/max Realtec Group Inc.
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Listing information last updated on October 21st, 2017 at 2:18am EDT.
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