Assisted Living Facility & Much More…

Price: $1,750,000

Location: Northwest Michigan

Industry: Assisted Living Facilties

Listing ID: CK240318OH

Status: New

Listing Description

This very special Assisted Living facility in Northwest Michigan.  The surrounding environment is not just beautiful and peaceful, it is a reflection of the very caring staff who make up the overall culture of a special place.

This Assisted Living facility provides 6 one-bedroom independent living apartments and 4 studio apartments all with private baths.

They are known for:

EXCELLENCE IN CARE:  Loving, caring and compassionate staff delivering customized care to meet the changing needs of residents at all stages of senior life.

STRENGTH IN COMMUNITY AND RELATIONSHIPS:  The staff work to create and maintain a caring, compassionate and professional support network to meet the physical and emotional needs of residents. The staff builds strong relationships with resident’s families and collaborates with partners and agencies in the local medical community.

COMMUNICATION:  Regular communication with family members is a practice at this facility. Communication to families is a foundation of this practice so that family members are aware of the activities being provided and the status of their family members. For the convenience of family members the communication takes place through photographs being sent, text messages and when appropriate phone calls.

The business model is built upon providing services for private pay residents. This operation is capable of customizing its services to the specific needs of each resident, perhaps one of the most unique propositions and benefits existing in the senior care industry. The facility provides various programs for residents including day trips and exercise activities.

There are ADDITIONAL REVENUE & GROWTH OPPORTUNITIES available for the new owner, including:

  • Memory Care
  • Senior Day-Care
  • Hospice Care
  • Podiatry Service
  • Medicare & Medicaid Residents

In addition, the adjacent house is available for purchase that can be used as the primary residence of the new owner or utilized for additional revenue opportunities, including:

  • Short Stays for seniors so they can have a variety of entertainment and activities rather than being confined to their home
  • Family Overnight or Extended Visits
  • Potential Bed & Breakfast Revenue
  • Short stays for seniors to provide a break for caregiving family members
  • Upgrading the structures on this property for use as a special events venue

Listing Details

Total Sales: $467,972

Cash Flow: $132,780

FFE: $25,000 (Included in Price)

(Included in Price)

Real Estate: $1,375,000 (Included in Price)

Reason For Sale:

Retirement

Training & Support:

Owner willing to provide necessary transition assistance.

Operation

Year Established: 1999

Days & Hours of Operation: 7 Day / 24 Hours

Employees: 10

Managers: 1

Location

Facilities Information:

Included in the asking price is the 10-unit Assisted Living facility and the adjacent four-bedroom, two-bathroom single-family residence.

The existing Assisted Living facility includes 10 units, a caregiver’s apartment, a community room with a full kitchen, an office that is now used as a residence, and a second-floor caretakers apartment. Both the Assisted Living facility and residence are located on 15 acres.

There is ample property associated with the Assisted Living facility to more than double the capacity of this operation or expand by constructing a skilled nursing center.

Summary

Potential Growth:

Because the current owner is involved in the daily operations, much of the potential growth opportunities for this business have been left uncultivated. The revenue of this operation would be greatly enhanced with the addition of an outside sales person to call on hospitals, nursing homes, doctor’s offices and various senior organizations to communicate what they have to offer Seniors in Northwest Michigan.

Rehabilitation:  Currently, “Rehabilitation” services are being provided by a firm that are regularly scheduled.

Memory Care:  There is a growing need for memory care services in this market area.

Senior Day-Care:  With a limited amount of capital investment the business could become the “go-to” facility for Senior Day-Care in this area; there is also the possibility of providng short-term overnight care for seniors.  There is a real need for short term care as often seniors are being cared for by family members who need a break.

Hospice Care:  Currently, the business provides end of life care through a local Hospice provider and this could be an expanded service within the facility. As is well known, the Hospice movement has grown over the years as there is a common desire on the part of the elderly to spend their final days in a more “home-like” environment rather than a hospital.

Podiatry Services:  The business currently provides podiatry services through an outside service.  There may be some opportunity for podiatry services where the facility can share in legitimate fees for these services.

Medicare and Medicaid Residents:  Any new owner would also have the opportunity to apply and become certified to accept Medicare and/or Medicaid residents if it was found to be a worthwhile initiative. Most facilities do accept Medicare and/or Medicaid clients. Currently, all residents are private pay, with the exception of accepting Veterans’ benefits.

Expand Facilities:  There is ample property associated with the Assisted Living facility to more than double the capacity of this operation or expand by constructing a skilled nursing center.

 

REVENUE OPPORTUNITIES WITH THE ADJACENT HOUSE AND PROPERTY

Short Stays:  Perhaps the most profitable use would be to utilize this very special and recently remodeled residence for “the Short Stay” clients who do not need a permanent place to live, but want to give their family caregivers a break.

Family Overnight or Extended Visits:  Out of town visitors will find this home on site a great place to stay for a couple of days or longer while visiting family members. The revenue generated for this specific use could charge a premium rate for this specialized purpose.

Possible Bed and Breakfast Revenue:  Another use totally divorced from senior care would be a “Bed and Breakfast” facility during the prime summer and/or full tourist season for individuals or groups. In the off season it could return to being a temporary adult foster care center or overnight visitors residence. In addition, the existing structures on the property could be developed as a special events venue for the prime tourist seasons.

Financing/Terms:

Seller is willing to provide some seller financing to support buyer with SBA financing.