Large building, looking for business ideas

[Angela Doyle]

A nursing home is getting ready to close in my neighborhood and the building is getting foreclosed on by the bank. I'm thinking it will most likely be auctioned off and I'm interested in investing in it. There is the whole nursing home, 8 cottages that bring in about $5,000/month right now and a whole separate building that used to be a dentist office. I'm thinking of turning part of the nursing home into a daycare center which is greatly needed in our growing community but I'm not sure what else I would do with the rest of the building and the separate dentist office. I need some ideas of businesses that could use those others parts that could be another stream of revenue. Thanks in advance!

[Angela Doyle]

Originally posted by @Alicia Yoder:

@Angela Doyle when I am trying to find highest and best use of something I always turn to demographics first. What age demographic is in your area? What income level? Use your local demographics to try to paint a needs picture. Sometimes I even get on fb and just ask friends and family, hey what do y’all thunk this town needs. You would be surprised how opinionated and passionate people are about their community.

I’m surprised to hear a nursing home went under considering baby boomers are one of the largest generations currently, getting to the age of being in their second to last (senior living community) or last (assisted living) beds. Maybe it wasn’t a need issue that brought it down as much as poor management. I know from an infrastructure costs if you could rehab it and keep it as an independent senior living community maybe could be a good okay?

Hope that helps!

I did put together a survey on the needs of a daycare center and all of the responses I received were very much in support of that. This is a small community of about 1000 people, median age 44, median income $58,656 but there are quite a few small communities all around this town as well. The whole county has 66,787 people, median age 41.5, median income $48,454. The town is also growing with a large apartment complex being constructed now and a large addition being added to the elementary school. All school kids from 6 of the surrounding towns have to come to this town to go to school. 

The biggest reason the nursing home closed was because of lack of state funding... I'm in Illinois. It's not due to lack of need or poor management at the home but really lack of poor management in Illinois as a whole I suppose. My husband brought up the idea of using part of the building as a self storage which I don't believe this town has at the moment.