Based on the current demographics the town has a demand for a good affordable retirement facility.
The current building has an outstanding 22 bed domiciliary facility which is always full and has a waiting list.
An additional 45 beds are possible in a separate building complex. See site plan.
The site is well situated close to the town’s amenities and will attract retirees wanting to be close to their roots, family and friends.
| Profit & Loss Projections | ||
| EXISTING | PROJECTED | |
| 22 Beds | 37 Beds | |
| Gross Income (at $1,500 per bed) |
$400,000 | $666,000 |
| Less Vacancy 5%* | $0 | $33,300 |
| $400,000 | $632,700 | |
| Operating Expenses | ||
|
Payroll** |
$175,000 | $220,000 |
|
Food & Supplies |
$64,000 | $86,000 |
|
Accounting/Legal |
$3,000 | $3,500 |
|
Business Fees |
$1,500 | $3,000 |
|
Insurance |
$10,700 | $15,000 |
|
Property Tax |
$11,100 | $14,000 |
|
Utilities |
$10,750 | $16,000 |
|
Repairs & Maintenance |
$4,000 | $6,000 |
|
Vehicle Costs |
$3,000 | $3,000 |
|
Telephone/Internet |
$4,000 | $4,000 |
|
Total Operating Expenses |
$287,050 | $370,500 |
| Net Operating Income | $112,950 | $262,200 |
| 10% Capitalization Rate | $1,129,500 | $2,622,000 |
| * No vacancies in existing | ||
| ** Includes Administrator and management | ||
