Property Details for 123 Main St

Property size

21,775 SF

Property type

Retirement homes

Property subtype

Assisted living facilities

Description

This established 60-bed assisted living facility (ALF) in Lakeland, Florida, presents a compelling investment opportunity. Located at 123 Main Street, 33815, this stabilized property boasts 21,775 square feet of space, including numerous resident rooms and bathrooms, spacious common areas (dining areas, activity room, salon), a commercial kitchen, staff areas, and a nurses' station. The facility enjoys a high occupancy rate due to its focus on lower-income and Medicaid residents, a demographic with significant demand. The property sits on a large lot providing ample parking and outdoor space for residents. Commercial zoning allows for potential bed expansion, further increasing the facility's revenue potential. The asking price of $4,550,000 reflects a 9.59% cap rate and a strong NOI of $436,443. Financial details, including a 2023 P&L (using add-backs), are available upon execution of a Non-Disclosure Agreement (NDA). Buyers are responsible for independently verifying all financial information, permits, approvals, regulations, and other relevant factors prior to closing. A sister property with 55 beds is also available for acquisition within a one-hour drive, offering a potential combined total of 115 beds. This is a turnkey opportunity for investors seeking a stable, high-performing asset in a growing market.

Location Insight

City

Lakeland

County

Polk

State

Florida

Longitude

-81.9583

Latitude

28.0445