WIALF1B - 55 bed, CBRF Memory Care Assisted Living Facility built in 2016 for sale in Wisconsin.
55 bed, Wisconsin based, CBRF Memory Care Assisted Living facility commissioned in 2017. The building is one story and contains approximately 25,151 square feet. This first phase of two consists of 32 units and is licensed for 55 beds. It is currently 85% leased up and expected to stabilize at 95% by mid 2020. The facility’s second phase of development consists of another 32 units and 35 beds for a total of 64 units and 90 beds. The seller is willing to develop the second phase for an additional $2 million dollars.
The payer mix is primarily private pay, with some Medicaid. All rooms are code worthy for double occupancy. In 2019, revenues were $1,941,000 with an adjusted EBIDTAR of $742,000. There is a management company and full staff that are all expected to stay on under new ownership.
The asking price to purchase the Manitowoc facility as-is is $8 million. The developer/seller would also consider selling the facility with the currently active 55 beds and a contract to develop the additional 35 beds within one year for a price of $10 million.
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