807 Bank NE St Decatur, AL 35601-1611
- Assisted living facilities
- 80,424 SF
- 3.00 lot acres
Current Use by Public Records
- City Center Village Senior Community / Retirement Community / Apartment Complex
Property Details for 807 Bank NE St
- Year built
- 1985
- Construction
- WOOD
- Lot size
- 3.00 lot acres
- Property size
- 80,424 SF
- Property type
- Assisted living facilities
- Property subtype
- Retirement homes
- APN
- 03-04-18-1-028-009.000
- APU
- 304181028009000
Description
City Center Village, a 104-unit independent living facility in Decatur, Alabama, presents a compelling value-add opportunity. This 82,060 square foot property, situated on a 2.88-acre lot in the historic downtown area at 807 Bank St, 35601, is a single, two-story building constructed in 1985 and renovated in 2015. Currently operating at 83% occupancy, the property features 109 beds across three spacious floor plans designed to meet diverse resident needs. Rental rates are significantly below market, offering substantial upside potential. Specifically, independent living rental rates are 47% below market, and an additional 20 units are currently used for short-term rentals (2-12 months) at rates 53% below market value if leased as independent living units. Decatur's revitalized downtown, coupled with its strong economy and strategic location, provides a favorable investment climate. The city's commitment to infrastructure improvements and business development further enhances its attractiveness as an investment destination. This fee-simple ownership opportunity offers significant potential for increased revenue and profitability through market rate adjustments and operational improvements. The property's strong location within a thriving community, combined with its below-market rents, makes it an attractive investment for those seeking value-add potential in the senior living sector.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $180,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $140,000
- 6.5%
- $145,000
- 7%
- $165,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $145,000
- Geo Method
- $160,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $155,000
- Retail
- $125,000
- Mixed-Use
- $125,000
- Hospitality
- $125,000
- Educational
- $165,000
- Residential Income
- $165,000
- Energy
- $160,000
- Income-Based Land
- $155,000
- Food Service
- $120,000
Location Insight
- Map
- Local Demand
- City
- Decatur
- County
- Morgan
- State
- Alabama
- Longitude
- -86.9847
- Latitude
- 34.6138
- CBSA code
- 19460
- CBSA name
- DECATUR, AL METROPOLITAN STATISTICAL AREA
