1234 Maine St Eustis, FL 32726

Property Details for 1234 Maine St

Property type

Retirement homes

Property subtype

Assisted living facilities

Description

This established assisted living facility in Eustis, Florida (Lake County), presents a compelling investment opportunity. Priced at $800,000, this property boasts approximately 5,000 square feet of net rentable space and features 10 licensed beds, currently operating at a 90% occupancy rate (February 2023). The facility generates a strong NOI of $70,953, representing an attractive 8.87% cap rate. January 2023 collections, with 90% occupancy, totaled approximately $26,000, projected to increase to roughly $30,000 monthly starting March 2023 due to anticipated SSI reimbursement increases and new move-ins. The sale includes the real estate (multiple buildings on a large lot), the established business (operating for over 20 years), and all furniture, fixtures, and equipment (FF&E). Essential safety features include a fire alarm and generator, meeting all local and state requirements. The property enjoys an excellent reputation and consistently high occupancy. The seller may consider financing up to 10% of the purchase price, subject to terms and conditions. The ideal buyer will possess healthcare experience, ideally residing nearby or willing to relocate to the on-site 1-bedroom house. Active, hands-on ownership is preferred to maximize cash flow potential. The property is located at 1234 Maine St, Eustis, FL 32726. Due diligence is recommended to verify all permits, approvals, regulations, allowed use, financials, market rental rates, expenses, zoning, licenses, building square footage, expansion possibilities, and the exact number of licensed beds before closing. Detailed financial information, property specifics, and photos will be provided upon execution of a non-disclosure agreement (NDA).

Location Insight

City

Eustis

County

Lake

State

Florida

Longitude

-81.6609

Latitude

28.8524