Property Details
This assisted living facility is located on a quiet side street just off busy US Hwy 19N. The facility is licensed for 30 residents and has been renovated and upgraded in 2016, and still has the potential (Pinellas County, 2008) to be enlarged to 45 beds on 2 acres, which represents a great upside for a new owner. Purposely isolated from new residents during Covid19, this facility is now in its rebuilding mode, has passed its 19 resident NOI breakeven point, with 26 residents, and is expected to be full by the end of 2021. As a fully occupied facility the CAP rate will be 8.5%. Moreover, a new owner could easily increase profitability by implementing economies of scale to get to a 10% Cap Rate, and/or increase its income.