8510 Whitefield Ave, Savannah, GA 31406
- Assisted living facilities
- 2,117 SF
- 2.98 lot acres
Current Use by Public Records
- Spanish Oaks Retreat / Nursing Home / Retirement Community
- Spanish Oaks Hospice / Home Health Care Service / Hospice
- ST. JAMES EARLY LEARNING CENTER / High School / Vocational School
Property Details for 8510 Whitefield Ave
- Year built
- 1997
- Lot size
- 2.98 lot acres
- Zone code
- PR3-16
- Property type
- Assisted living facilities
- Property subtype
- Retirement homes
- APN
- 1-0477 -02-009
- APU
- 1047702009
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Oct 10, 2023 | — | Spanish Oaks Properties LLC | — | Deed · related | $543k · Colony Bank |
| Feb 7, 2020 | — | Spanish Oaks Properties LLC | — | Deed · related | $1.1M · Colony Bank |
| Jan 1, 2012 | — | Spanish Oaks Properties LLC | Keith F Munger | Warranty Deed | — |
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.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Savannah
- County
- Chatham
- State
- Georgia
- Longitude
- -81.1015
- Latitude
- 31.9896
- CBSA code
- 42340
- CBSA name
- SAVANNAH, GA METROPOLITAN STATISTICAL AREA
