UPDATE: SOLD
We are proud to have helped the buyers and sellers to complete the sale of this independent living community in Ft. Myers.
My ALF Consultant and KW Commercial are exclusively offering the sale of 19 Bed Independent Living.
If you are looking for something somewhat passive with a good return on investment, this is a great opportunity. The building is being run as congregate housing approved for 20 Bed long-term residents. The residents live independently and do not require any assistance. Each resident is on an annual lease and pays a monthly fee for room and board. Their monthly fee includes utilities, common area cleaning, laundry facilities, 1 meal, and a continental breakfast.
The building offers a great layout and feels spacious with 7,100 square feet, 18 bedrooms, and 14 bathrooms. Additionally, it is fully equipped with automatic generators, propane fuel tanks, a sprinkler system, and a commercial kitchen.
If you are looking to open or expand your Assisted Living business, this may be a great opportunity. Although the building is operated as an independent facility, it can be converted into an Assisted Living Facility. The number of potential ALF and ILF beds is limited based on the current parking availability of 8 spaces. The code requires 1 parking space for every 4 residents plus 1 additional space per employee. There is potential space in the parking lot to add 2 more spaces. The current estimate of allowed beds with the 8 spaces is 20 residents. This must be verified by the buyer during due diligence. With the addition of 2 spaces, the potential licensed beds are estimated to be 25 beds. The parking requirement for Rooming, lodging, and boarding houses, is 1 space per sleeping unit. There is an exception in place to allow for 19 residents for this use. None of the current residents has a car and the target demographic doesn’t drive. There is a large, and free parking garage at the end of the street if there was a need for additional parking.
Low-income housing is in very low supply in the Lee County area. Many of the current residents could not qualify for or afford an apartment on their own. They live on fixed incomes, mostly from Social Security or Disability. They are grateful to have the same, clean and nice place to live. Because the property is very nice, the owner can be selective about which residents she/he accepts. This creates a nice environment for all and makes it easy to manage.
The property offers both shared and private rooms. The room rates are $950 for a shared room and $1500 for a private one. The property is currently full with 20 residents and 1 live-in manager. The live-in manager handles the cleaning, and preparing of meals and is paid approximately $250 per week and gets free rent.
