70 BED HOUSING WITH SUPPORT - OTTAWA - LIST $2,900,000 - SOLD

Generic photo to protect the privacy of residents

This 3 storey, 70 bed Housing with Support (previously known as a Domiciliary Hostel) is located very near Ottawa. Funding is by the Ministry of Housing. The owner has operated the facility for the past 33 years and is now retiring.

Most of the rooms are semi-private. The facility was built to commercial residential standards and meets all the fire, health and zoning standards.

Some of the features are:

  • All floors are serviced by an elevator
  • All brick exterior construction
  • Purpose built building
  • Fully equipped commercial kitchen
  • Located in an urban area close to transit, shopping and recreational facilities
  • 170 foot frontage
  • Zoned as old age and retirement home

This is a “hands off” turnkey operation, with government funded long-term residents. The Administrator has been in her current position for many years and is willing to stay on.

The operation is ready for fresh management willing to put emphasis on marketing to ensure higher occupancy and increase the net operating income to maximize the facility’s potential.

Priced to sell at $3,000,000.

 

Income Statement 12/01/2013 to 11/30/2014
Fully Staffed including Administrator & Nurse
REVENUE 
   Revenue Semi-Private   $616,706.27
   Revenue Other   $2,476.43
   Subsidy from Social Services   $533,608.89
TOTAL REVENUE    $1,152,791.59
     
EXPENSES     
   Direct Labour     
   Labour Wages   $402,509.82
   Administrator Salary   $51,265.88
   Pharmacy Nurse Salary   $33,320.66
   Nursing And Personal Care   $665.41
   EI Expense   $13,027.63
   CPP Expense   $21,396.71
   W.S.I.B. Expense   $14,322.84
   EHT Expense    $1,614.50
   Sub Labour   $7,037.00
   Employee Benefits   $1,488.30
   Employee Reimbursements   $143.00
Total Direct Labour   $546,791.75
     
Office Expenses    
   Office Expense    $1,797.21
   Telephone   $8,514.12
   Cable   $6,405.18
   Professional Fees   $1,990.00
   Furniture & Fixtures   $1,707.12
   Activity Supplies   $1,093.12
   Membership Fees   $900.00
Total Office Expenses   $22,406.75
     
Food & Supply Expenses    
   Dairy & Eggs   $27,190.38
   Bread   $4,063.75
   Meat   $45,832.05
   Produce   $13,021.85
   Dry & Frozen Goods   $55,225.60
   Kitchen Supplies & Equpment   $5,754.01
   Dishwasher Expense   $472.56
Total Food & Supply Expenses   $151,560.20
     
Laundry Expenses    
   Bedding & Linen   $813.50
   Laundry & HSK Supplies   $17,567.27
   Laundry & HSK Equipment   $823.77
Total Laundry Expenses   $19,204.54
     
Utilities    
   Hydro   $42,017.39
   Gas   $10,838.56
   Water   $19,216.82
Total Utilities   $72,072.77
     
Maintenance & Operating Expenses    
   Service contracts   $23,300.34
   Maintenance Contracts   $23,802.41
   Maintenance Supplies   $8,796.96
   Repairs & Maintenance   $11,937.88
   Insurance Building   $13,857.71
   Realty Taxes   $23,959.96
Total Maintenance & Operating Expenses   $105,655.26
     
TOTAL OPERATING EXPENSES   $917,691.27
     
NET OPERATING INCOME   $235,100.32
* Based on information provided by owner