86 Bed Assisted Living Facility In Pittsburgh PA!
Updated: May 20
LOCATED IN THE SUBURBS PITTSBURGH, KNOCK, KNOCK, KNOCK, OPPORTUNITY IS KNOCKING.....HERE IS A VACANT 86 BED ASSISTED LIVING FACILITY (ALF) THAT WAS SHUT DOWN VIA A STATE VIOLATION, ONCE TAKEN CARE OF, SERIOUS DEAL HERE FOR THE INVESTOR!
WHAT A HUGE PROFORMA CAP FIXING A VIOLATION, AN 86 BED VALUE ADDED A.L.F. IN PITTSBURGH, PENNSYLVANIA
VALUE ADDED.....VALUE ADDED.....VALUE ADDED.....VALUE ADDED.....VALUE ADDED
PURCHASE PRICE IS VERY FIRM PER THE SELLER
Asking Price $3,500,000
SELLER TO PAY SELLERS BROKER & BUYER TO PAY BUYER'S SIDE SEPARATELY (THIS IS DELIVERABLE WHILE IT IS AVAILABLE) CURRENTLY CLOSED ASSISTED LIVING FACILITY.
"AS-IS" APPRAISED VALUE OF $5.7M (AS A CLOSED FACILITY) AS A STABILIZED BUSINESS,
THE APPRAISED VALUE WILL BE $9.8M.....
NEWMARK APPRAISAL AVAILABLE
APN IS 0457-K-00170-0000-00
BUILT IN 1965
UPGRADED IN 1986 & FURTHER UPGRADED FROM 2013-2019
THE TOWNSHIP OF NORTH VERSAILLES IS LOCATED IN THE PITTSBURGH SUBURBS, S.E. OF DOWNTOWN PITTSBURGH
From the seller: This property was operating as an Assisted Living Facility, and had to add improvements to be code compliant which caused the closure of the facility in April, 2019. Current of Occupancy Zoned for multifamily, senior independent, non-licensed rental property, assisted living facility for 86 beds, with possibility to add up to 20 additional units (buyer to verify).
Closed Assisted Living facility. Valued at $5.9mm Recent appraisal (have in hand from 2019) -- $5.7mm. Location Description The Facility is on a main highway, with great access and visibility, it is also within perhaps 10-15 minutes of the Regional Veterans Administration facilities, This is a Tremendous Value Add with Incredible Upside. Excellent market area just minutes from Pittsburgh metro on major highway.
Over $ 2,000,000 in improvements made to the property to date
Current "as is" full Newmark Knight Frank Appraisal (8/26/19) value $ 5,700,000
Stabilized Valuation in 12 months of $ 9,800,000
NKF stabilized Annual NOI over $800,000+
This is a tremendous opportunity for any level of investor
58,260 square feet & on nearly 2.96 acres
Certified Management Team will be in place for long distance owner if desired.
The Newmark Knight appraisal is just an appraisal.
This is not listed by any way shape or form by Newmark Knight. This is totally off the market.
Executive Summary of Appraisal Available for interested parties.
Measurements per seller: These dimensions are 98% accurate, obviously using outer dimensions, these metrics would probably not have inches but would be in whole feet. Studio Units: Studio Units (Inside) Refers to the units that face the garden area are: 12’ x 25’ (300 sf)Studio Units (Outside) Refers to the units on the outer perimeter area are: 12’ x 22’8” (274 sf)
One Bedroom Units: All One Bedroom Units on the inside are 24’x’25’ (600sf)All One Bedroom Units on the outer perimeter are 22’8” x 24’ (548sf)
Theatre Room: 22’ x 37’6” or 828 sf
Community (Game) Room: 23’3” x 27’4” or 640 sf
Dining Room: 48’ x 52’ or 2,496 sf
Kitchen: 34’ x 50’ or 1,700 sf
Downstairs Laundry Room: 12’ x 24’ or 288 sf
Physical Therapy Room 28’ x’ 30’ or 840 sf
Common Shower Room 12’ x 24’ or 288 sf
Footnotes on Accessibility or ADA Compliance:
Common Shower Area is ADA Compliant, zero step on showers, etc.
Second Floor Shower Area is ADA Compliant
Common Bathroom is ADA Compliant (i.e. 17 1/2 “ toilet).
Almost all of the bathrooms, in access of 90% have ADA compliant toilets.
All bathrooms on the 1st floor have a 30” doorway opening which can be modified.
All bathrooms on the 2nd floor have a 32” doorway opening. Approx $175k is needed to complete internal sprinkler system to get the CO for assisted living issued. Seller has 3 bids. Direct to seller. PERTINENT AND IMPORTANT FACTS AND FIGURES PER THE SELLER:
Pro Forma NOI $626,000
Pro Forma CapRate 18%
Building Size 58,260 sqft
Lot Area 128,938 sqft
Average Room Size 400 sqft (extremely large)
Year Built 1965
Price Per Bed $45,930
Parking Spots 100
Year Last Renovated 2018-2019
Construction Status Steel & Concrete
Parking Ratio 100
Number of Elevators 1
Roof Rubber Membrane 50 year - Only 5 years old
HVAC Major System, completed Central A/C individual controls
Floor New Carpet
THIS PORTFOLIO SALE IS OFF THE MARKET MUST STAY OFF THE MARKET, PLEASE DO NOT LET THIS PORTFOLIO GO VIRAL DEAR BUYER, THIS IS AN OFF THE MARKET (NOW) AND THIS IS A PRE-DUE DILIGENCE PACKAGE AND NOT A FORMAL DUE DILIGENCE PACKAGE. ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT AND THE BUYER OPENS UP THE CONTRACTED ESCROW TRUST ACCOUNT WITH THEIR CONTRACTED EARNEST MONEY DEPOSIT, THE SELLER WILL THEN PROVIDE THE BUYER WITH ALL OF THE UPDATED P&Ls, RENT ROLLS, TENANT'S LEASES AND ANY VENDOR CONTRACTS THAT EXIST TO CLOSE THIS TRANSACTION.
TO MOVE FORWARD, THE BUYER AND OR THE SELLER TO SIGN THE ASSET SPECIFIC MASTER FEE AGREEMENT (DEPENDING ON THE EXECUTED PURCHASE PRICE), THE BUYER TO PROVIDE AN ASSET SPECIFIC LETTER OF INTENT TO INCLUDE THE PURCHASE PRICE, DUE DILIGENCE PERIOD, CLOSE OF ESCROW OF DATE AND THE AMOUNT OF THE EARNEST MONEY DEPOSIT THAT WILL BE ESCROWED ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT. THE BUYER TO PROVIDE A BUYER'S COMMERCIAL BIO OF COMMERCIAL ASSET HELD IN THEIR INVESTMENT PORTFOLIO. THE BUYER TO PROVIDE A BUYER'S VERIFIABLE PROOF OF FUNDS IN THE FORM OF A BANK OR FUND STATEMENT OF ACCOUNT.
NCND required to receive the OM.
PLEASE NO TRANSACTIONAL FUNDING