56 BED RETIREMENT-DOM* HOME - REGION OF WATERLOO - $3,800,000

Generic photo to protect the privacy of residents

 

This purpose built 41-suite retirement home has full en-suite bathroom in each suite. Suites are designed for double occupancy if required. This facility has the financial security of a Regional Government contract to supply Housing with Support.

The Region provides $36,000 per month irrespective of how many beds are occupied to supplement the residents’ own money from ODSP, OAS, CPP and other sources of guaranteed income. 45 beds are reserved for the Region with an income of approximately $958,000. This turn key operation is fully staffed with an administrator who has been operating the facility for decades. The current owner visits premises every 2 weeks.

The remaining 11 suites are reserved for non-subsidized residents paying $2,200 per month for a private suite for a yearly income of $264,000. The gross income is approximately $1,300,000 per annum, with a net income of $400,000.

*Domiciliary Hostels are now known as Housing with Support

 

56 BED DOM/RETIREMENT HOME
PROFORMA
   
    CURRENT   FUTURE  
REVENUE   41 Suites   41 Suites  
     Regional Subsidy Lump Sum $440,400 * $440,400  
     Subsidized Residents' Payments
     (59 current - 45 future)
$690,300 ** $526,500  
     Private Pay Residents $242,000 *** $242,000 ***
Total Year Revenue $1,372,700   $1,208,900  
           
     Less Food & Supplies $159,687   $127,750  
           
Gross Profit   $1,213,013   $1,081,150  
           
EXPENSES          
     Employee benefits $16,000   $16,000  
     Insurance   $12,000   $12,000  
     Interest and bank charges $1,000   $1,000  
     Medical fee $3,000   3000  
     Office expenses $25,000   22000  
     Professional Fee $5,000   $5,000  
     Promotions $2,500   $2,500  
     Property taxes $28,800   $28,800  
     Repairs & Maintenance $50,000   $50,000  
     Salaries & wages $575,000   $525,000  
     Telephone and Communication $5,000   $5,000  
     Utilities   $90,000   $75,000 ****
TOTAL EXPENSES $813,300   $745,300  
           
NET INCOME   $399,713   $463,600  
           
* Government contribution $36,700 per month        
** Residents contributions 59x$975 per month        
*** 11 nonsubsidized residents @ $2,200 per month        
**** New Hydro Rates