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Private Pay Elderly Assisted Living Facility - Turn Key Business Opportunity
Health and Medical - Long-Term Care Facilities | Professional Services - Other Professional Services
| Asking Price: | $1,350,000 | Inventory: | |
| Gross Revenue: | $385,000 (comments below) | Real Estate: | $720,000 ++ |
| Cash Flow: | $200,000 (comments below) | FF&E: | $75,000 ++ |
| ++ included in the asking price ** not included in the asking price | |||
| Gross Revenue Comments: Projected at last 5 yr ave occupancy | |||
| Cash Flow Comments: Projected at last 5 yr ave occupancy - includes owner's salary and perks, but before debt service. | |||
Coastal southern Maine location. Fully equipped, 10 bed, state licensed Level IV, private pay facility. Separate, but attached, 4BR, 1.5 bath, owner's residence with 2 car garage. Zoning approvals to convert owner's residence into 5 additional assisted living rooms. Strong historical cash flow with additional income potential. Free assistance provided to connect a financially qualified buyer with several local banks.
About the Business
Year Established:1997
Employees:2 full time - 1 part time
Facilities:The assisted living facility was constructed in 1997 and has approximately 4,700 square feet of space. The building is comprised of a 2 story bedroom area containing 10 private bedrooms, each separated by a semi-private bathroom. A single story common area section contains a main entrance foyer, open kitchen and dining area, and large living room with an attached sunroom. The building also contains a private office, and storage room. All rooms, including bedrooms, are furnished in accordance with state licensing requirements. The kitchen is equipped with all major appliances including a commercial grade Hobart dishwasher. A chairlift provides assistance when needed to the second floor. The exterior grounds are well maintained and provide a patio area in the rear of the building for outdoor events, and a shaded sitting area in the front of the building. The facitlity was designed as, and maintained to provide, a homelike atmosphere, which is a major marketing advantage when prospective residents compare the facility to more "institutional" settings. A common wall separates the owner's residence from the assisted living area and no living space is shared with the residents. This feature provides owner privacy while enabling easy access when needed. The owner's residence portion of the facility was acquired by the current owners in 1983. The 26' x 52' ranch style house was built in 1956 and has been tastefully updated and remodeled over the years. Approximately 450 square feet of additional living space was added to the residence as part of the assisted living facility construction. The owner's residence is comprised of 4 bedrooms, a recently remodelled kitchen, dining room, living room, family room, and one and one half baths.
Market Outlook and Competition:There a several competitors with varying levels of care, amenities, sizes of facilities, throughout Southern Maine, all of which compete in one way or another with the subject business. However, the primary market for residents is within a 10 mile radius of the facility. Within that range there are approximately 3 private pay elderly assisted living facilities, of varying larger sizes. The current owners believe the subject facility enjoys the following competitive advantages in the marketplace: 1. Small, homelike environment. 2. Superior, individualized care, delivered by the owner. 3. The owner lives on-site, and is easily and readily accessible when needed. 4. Excellent location - nestled within a well established residential neighborhood. The facility's last 5 year average occupancy rate is 89%, with 2 of the last 12 years performing at a 96% occupancy level. Local zoning approvals are in place to convert the owner's residence portion of the facitlity into 5 additional assisted living bedrooms. This conversion could provide the new owner with significant potential for increased gross income and some economies of scale.
About the Sale
Management Training and Support:To assist a new owner in making a smooth transition and feel comfortable with the residents' care needs, understand the financial end of the business, and gain a familiarity with the premises, the current owners would be willing to assist the new owners with up to two (2) weeks of on-site transition assistance, at no charge, after closing. Immediately subsequent to this two (2) week period, the current owners would then make themselves available to the new owners for an additional four (4) weeks of limited consultation, at no charge. Longer term arrangements could be considered if needed, for a fee negotiated separate from the purchase price.
Reason For Selling:After 12 years of business success, the owners are ready to move on to other business and non-business opportunities. This is a private sale by owner, with assistance being provided by a non-broker business consultant who is working for the sellers. Inquiries from brokers are welcomed.
Seller Financing:Some seller financing may be available.
KEYWORDS: private pay; individualized care; turn key business opportunity; coastal southern Maine; strong cash flow;
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The information on this listing has been provided by either the seller or a business broker representing the seller. BizQuest has no interest or stake in the sale of this business and has not verified any of the information and assumes no responsibility for its accuracy, veracity, or completeness. Please review the full Disclaimer here.
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