Senior Housing Conversion Seeking $5 Million Equity Investor, Southeast Region

Property Description

Senior Housing Conversion Seeking $5 Million Equity Investor

Owner seeking $5 million in equity.

The project is currently operating as an existing multifamily, 2-building project.

The buildings are already there, just need to do tenant improvements.

The owner is converting this project into an Assisted Living / Independent Living project.

The owner has city approval in place (this alone took 3 years to obtain).

$3 million will buy out existing partners, the balance of $2 million will be used for the conversion improvements.

When the conversion is completed, there will be 134 rooms

Estimated monthly room charges will be $3,500 ($469,000 monthly gross, $5,628,000 annually gross).

Estimated expenses: $2,500,000.

Estimated Annual Net Income: $3,128,000.

Short Timeframe: The owner can finish the improvements in 6 months after receipt of the $5 million.

Note: There will be some suites that can fetch $4,000 per month (inquire).

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Senior Housing Properties For Sale

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