520 28th Ave Se, Minot, ND 58701

$3,370,000
12,596
SqFt
List Price
$3,370,000
Closing Date
Dec 31, 2018
Status
PENDING
MLS#
182335
Living Area
12,596
Lot Size (Acres)
1.43
Year Built
2002

Property Description

RARE OPPORTUNITY to be involved in an industry that is increasing in demand as Americans age. This operating 28 resident assisted living/memory care facility includes land, building, improvements, furniture, fixtures, equipment for the facility & value associated with a licensed care center. There is currently a moratorium for expansion of long-term care beds in the state. Therefore, the only way to add additional basic care beds in the Minot community would be to acquire them from other facilities in the state. The facility was developed in 2002 and enlarged in 2006 specifically for its current use. The building contains 24 private rooms, 2 double rooms, and 3-day room areas, 2 kitchens, 3 dining areas, large common area, beauty salon, 3 offices, 2 common shower rooms, & 1 common tub room. An exterior fenced yard provides a secure outdoor recreation area with a concrete patio, walking path, & lawn area. The rent paid by the tenants includes basic care, 3 meals a day, laundry, room cleaning, salon service & common area activities. The list price of this basic memory care facility is based on a current commercial appraisal prepared by certified, impartial, and independent appraiser as of August 22, 2018. VALUE ALLOCATION: Land - $250,000 / Building and Site Improvement - $1,474,000 / Furniture, Fixtures, & Equipment - $96,000 / Licensed Operating Business Enterprise - $1,550,000 / Value of the Operating Facility - $3,370,000. GROSS REVENUE: $1,400,000 - $1,800,000 potential

Additional Information

Area
Se
Building Name
Emerald Court II Inc.
Taxes
$$19,081.78
Interior Features
Sprinkler, Handicap Access, Public Restrooms, Private Restrooms
Exterior Features
Sprinkler, Fence, Shed
Heating
Forced Air, Natural Gas
Cooling
Central
Water
City
Sewer
City

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Listing courtesy of BROKERS 12, INC..