1510 Barry Rd

$2,990,000, 33,175 Sqft 1.93 Acres

About This Property

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.

Essential Information

MLS® #U7820997
Price$2,990,000
Bathrooms0.00
Square Footage33,175
Acres1.93
Year Built1965
TypeCommercial
StatusActive

Community Information

Address1510 Barry Rd
AreaClearwater/Belleair
CityClearwater
CountyPinellas County
StateFL
Zip Code33756

Amenities

ParkingOver 30 Spaces

View

In City Limits, Oversized Lot, Street Paved

Exterior

ExteriorBlock
Lot DescriptionOne + to Two Acres

Additional Information

Days on Market184

Listing Details

OfficeRE/MAX Realtec Group Inc

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Listing data comes from My Florida Regional MLS.

Listing information last updated on December 16th, 2017 at 9:03pm EST.

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