Two Adjacent Six-Bed Adult Foster Care Homes

Lansing, MI (Ingham County)

Two Adjacent Six-Bed Adult Foster Care Homes
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Asking Price: Get Financing: $550,000

Cash Flow: $61,350

Gross Revenue: $146,686

EBITDA: N/A

FF&E: N/A

Inventory: N/A

Real Estate: $336,800

Established: N/A

Two Adjacent Six-Bed Adult Foster Care Homes

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Business Description

Two well established and well maintained AFC homes with upside!

Two adjacent AFC homes in Lansing, MI. Excellent opportunity for the investor/ entrepreneur looking to get into the assisted living business with these two established homes with an experienced staff, or for a current AFC operator to expand into two new locations that are already producing income.
One of the two homes was just recently opened, so beds are still being filled. The financial details listed here are for one of the two homes only, since the second does not have any historical financial information yet. Pro forma with both homes, with state average bed rate, with a manager and staff covering all required hours is as follows:
Gross Income: $397,440
Net Income: $100,744
Cap Rate: 18.32%
Cash-on-Cash Return with 35% Down Payment: 36.37%
DSCR: 3.28

Detailed Information

Real Estate:
Owned
Included in asking price
Building SF:
3,886
Employees:
4
Facilities:
Two AFC homes. 1 is 1,350 SF, 5 resident rooms, 2 1/2 baths, 2 kitchens, 2 livings rooms, and an attached 2 car garage. The other is 2,536 with 5 resident rooms, office, full kitchen and dining room, 2 full bathrooms, a screened in porch, and a loft apartment located above the attached 2 car garage.
Competition:
The demand for adult foster cares is quickly growing with the aging population
Growth & Expansion:
There's room to add four more residents as well as increase the monthly bed rate. The bed rate hasn't been raised in several years and are all between $500 and $1,000 below the average bed rate in Michigan.
Support & Training:
As needed
Reason for Selling:
Retiring
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(from currently available funds)
 
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Chauncey Baldwin

Business Listed By:
Chauncey Baldwin

Vandenboss Commercial

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Sponsoring Broker:
Kevin Vandenboss

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