Clearwater Assisted Living Facility (91 bed)

Special Purpose for Sale
Catylist Listing ID: 30113910
Property Subtypes: Senior Housing
Building Size (RSF): 26,238 SF
Gross Building Area: 33,175 SF
Gross Land Area: 1.94 Acres
Sale Price: $2,990,000
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/11/2017

Overview / Comments

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.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Tax ID/APN: 23-29-15-00000-210-0100
Total Number of Buildings: 2
Number of Stories: 2
Year Built: 1965
Roof Type: Flat
Construction/Siding: Block
In Flood Plain?: Yes
Legal Description: BEG 1704.13FT E OF NW COR OF SEC RUN E 330.05FT S 242.38FT W 33FT S 12.69FT W 297.57FT N 255.07FT TO POB CONT 1.94AC(C)

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,666 132,896 274,337
Median Age: 41.04 44.41 46.38
Households: 9,075 59,742 125,632

Contact

Photograph of Listing Agent

Mark F. Ganier

RE/MAX REALTEC GROUP FGCAR CIE Member
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