FOR SALE - NINE Profitable, Turnkey Assisted Living Facilities
This is an update to a previous post as more data is coming in.
NINE TURNKEY TURNKEY ASSISTED LIVING FACILITIES FOR SALE
These facilities are being sold as one single group. The sellers will not split them up.
This family-owned business has a well-earned, spectacular reputation. So much so that all nine facilities are consistently at 100% occupancy and all consistently have waiting lists. Referrals routinely come from over 100 miles away because beds and quality of care are so sought after.
Every resident is cared for as if they were the owner’s own Mom and Dad. The facilities are spotless and nicely updated.
Each has a commercial kitchen where every meal served is prepared - no pre-made food deliveries are allowed.
All of the physical plants are all very well maintained and upgraded. There is minimal CAPEX pending.
Most residents are paid for by the state at $3,500 per month, plus the cost of care, which ranges between $600 and $1,100 per month. Private pay residents are billed at $6,500 per month. Averaging all residents, the sellers state that they are earning $42,000 per client per year.
In addition to the nine assisted living facilities, two of those sites have two regular rental apartments each. Those rent at $1,200 per month each. There are 2 X 2 BR, 1 X 1 BR and 1 X efficiency apartment.
Two facilities have 16 beds, two have 10 beds, one has 24 beds, one has 19 beds, one has 8 beds and one has 7 beds for a total of 118 assisted living beds.
One of the facilities with 8 beds can be expended to 10 beds.
Another facility with 16 beds is on a 20 acre site. That land could be a good candidate for a 55+ / Senior Living community.
The sites are staffed at the state-required ratio of one caregiver to eight residents. There is a part-time RN consultant who visits each facility every 3 months to review and update care plans.
One geographically-grouped set of 3 facilities has a regional manager to oversee them. The other group is managed by the owners and their son. The son will stay on for up to 2 years and beyond that as a consultant.
I have already submitted the basic details to an SBA lender. While more details are needed for a formal pre-qualification, the lender has stated that they are very likely to fund the entire purchase with a 10% down payment.
FINANCIALS (pending further updates)
Asking Price: $11,300,000
Gross Revenue: $5,007,600
Real Estate: Included in the price
FF&E: Included in the price
Inventory: Included in the price
Net income: Approximately $1.5M (pending receipt of more financials)
The seller may be willing to sell the business component of the company (approximately $5.5M) and lease the real estate for 10 years, NNN.
For more information, contact:
Charlie MacPherson, Business Broker
Inbar Group Inc. 207-352-1000