PRINCIPALS ONLY, PLEASE.
This gorgeous 40-/+ bed ALF on 1.07 acres is located in a prime & quiet residential neighborhood, just a few miles from the Gulf and surrounded by stores, amenities, and more. The facility was built by the prior owner in 1991-1992 and shows exceptionally well, modern & super-clean. It was designed with a layout that is not “institutional”, but rather a “cozy home” to the residents. The facility holds two state licenses: a Standard & a Specialty license. The facility is fully equipped to meet state requirements, including an automatic fire sprinkler system, fire detection system, and grab bars. Bathroom and kitchen cabinets are Kraft-Maid with solid oak or cherry fronts. The current census is 24 residents, with a monthly revenue of $100,800. The average monthly residents' fee is $4,200. A more energetic owner could increase the occupancy. Most of the value is in the real estate asset. The absentee owner is not particularly proactive, as he is satisfied with the current cash flow generated from the existing residents. The facility is operational, with a current occupancy rate of 61%. A new owner could easily increase the occupancy and make this business a very profitable one. The current owner bought the ALF in 2008. The owner, being an absentee, frequently travels abroad and does not allocate the necessary time to sustain the ALF at an average occupancy level of 80% to 85%. The current owner resides in another state, with long hiatuses in Europe, and an administrator is in place to manage the facility.
The real estate and FF&E alone are worth the asking price.
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