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Mar 26, 2019 — 37-bed Assisted Living/Memory Care Facility for Sale.
The property is located in Northeast Pennsylvania, with a customer base that comes from Pennsylvania, New Jersey and New York. This is an exciting opportunity to acquire a recently renovated and highly profitable facility. This facility has a Five-star reputation and has maintained a history of consistently increasing profit. There is minimal competition in the surrounding area, as noted by the ongoing list of prospective tenants waitlisted.
The facility consists of one building with three wings with a total of roughly 10,690 square feet on over 16+ acres of land. There is also a 3-bedroom house and a storage garage building on the property. The facility is licensed as a Personal Memory Care facility for 37 beds. There is an opportunity to develop another 95 beds on the property based on its current utilities and zoning, which would increase the total capacity to 132 beds.
The facility was originally built in 1990 and expanded in 2000. It is located within 20 minutes of a regional critical care hospital and 10 minutes away from physician offices, shops and restaurants. As the preferred assisted living provider in the area, the company has operated at capacity for years.
The company’s payer mix is 100% private pay. Gross Revenues for 2018 were approximately $1,791,000 with a Net Income of $702,733. The seller would like to retire but will be available to help the new owners for a short transitional period. All staff is expected to stay on with new ownership. The asking price for the business opportunity, the land, improvements, FF&E and upside potential is $7.5 million.