Don’t miss this once in a lifetime opportunity to invest into the senior housing industry! The subject property consists of 26238 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 $682500.00 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.
Construction Status: Completed
County/Area: Pinellas County
Exterior Construction: Block
Listing Status: Active
Location: In City Limits, Oversized Lot, Street Paved
FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free! *Contact Information NOT Shared*