Two-Facility Assisted Living Portfolio – Spokane & Wilbur, WA – $3,900,000

Opportunity to acquire a stabilized, Medicaid-eligible assisted living portfolio consisting of two well-established communities: Aspen Quality Care (Spokane) and Vista Manor (Wilbur). The properties feature a combined 23 units and 37 licensed beds, operating at high occupancy (~95%) with strong historical revenue growth and proforma upside.

Built in 1960 (Spokane) and 1999 (Wilbur), the facilities total ~17,744 sq ft on 1.7 acres and are zoned commercial. The portfolio generates solid cash flow with a proforma adjusted EBITDAR of ~$426,000 (15.97% margin) under conservative assumptions, offering immediate income and growth through rent increases, expense optimization, and potential care tier enhancements.

Ideal for regional operators, investors seeking turnkey senior housing assets in eastern Washington, or those looking to expand Medicaid-focused operations in a market with strong demographic tailwinds.

Asking Price: $3,900,000

Price Per Unit: ~$169,565

Price Per Bed: ~$105,405

Cap Rate (Proforma): ~10.9% on asking (based on adjusted EBITDAR)

Two Prime Eastern WA Locations

Aspen Quality Care: 9626 N. Colfax Rd, Spokane, WA 99218 (11,000 sq ft, larger urban market access)

Vista Manor: 700 SE Brace St, Wilbur, WA 99185 (6,744 sq ft, rural community stability)

23 Units / 37 Licensed Beds – Turnkey ALF operations with Medicaid certification for stable payer mix

High Occupancy & Performance

Current occupancy: 95% (35/37 beds occupied)

Avg rent per occupied bed: ~$6,124 (gross ~$6,355)

Strong Financials & Upside

Proforma Gross Potential Income: ~$2.67M

Proforma Adjusted EBITDAR: ~$426,136 (20%+ gross margin pre-mgmt fee)

Historical EBITDAR growth: From $252K (2023) to $495K (trailing peak)

Operational Advantages

Medicaid-eligible with private pay component

No major capex noted; facilities well-maintained

Multi-site portfolio for operational efficiencies and risk diversification.

This portfolio represents a rare opportunity to acquire cash-flowing assisted living assets in Washington with proven performance and clear value-add potential. Full due diligence package available upon request.