8510 Whitefield Ave Savannah, GA 31406

Property Details for 8510 Whitefield Ave

Year built

1997

Lot size

2.98 lot acres

Property size

2,117 SF

Zone code

PR3-16

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

1-0477 -02-009

APU

1047702009

Description

This exceptional 36-unit senior living facility in Savannah, GA, presents a compelling investment opportunity. Boasting a 100% occupancy rate as of January 6, 2023, and a substantial Net Operating Income (NOI) exceeding $1 million, this stabilized property offers a 7.00% cap rate. The 25,865 square foot facility, built in 1997, sits on a 2.98-acre lot and includes a licensed assisted living community with private bathrooms in each of its 36 units. Amenities include a large visitor area, dining hall, beauty salon, and commercial kitchen, along with multiple indoor and outdoor shared spaces. An additional approximately 2,100 square foot owner's apartment with a full bath is also included. An optional purchase of approximately 2.78 acres of adjacent vacant land is available for expansion. The property is zoned P-R-2. Financial information indicates a gross revenue of $2,168,651.29. The asking price is $14,500,000, translating to a price per square foot of $560.60. Up to 15% owner financing may be available to qualified buyers. The potential for a HUD 232/223(f) loan is also noted, with terms including 80% LTC, 35-year terms, 5.90% interest, and a 1.45X Debt Service Coverage Ratio (DSCR). This property offers a strong return on investment in a desirable coastal Georgia location.

Location Insight

City

Savannah

County

Chatham

State

Georgia

Longitude

-81.1015

Latitude

31.9896

CBSA code

42340

CBSA name

SAVANNAH, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments