ALF/Nursing Home or Student Housing

Highlights:

• Property Includes:
• • 5.94-acres (Tax Records)
• • Building Structures/Improvements
• • 4-Story/72,572 SF/153-Units
• • Year Built/Renovated: 1971/1923
• • Laundry Facility
• • 2 Elevators
• • In-Ground Pool
• • Restaurant Building (1-Story/11,455) SF
• • Zoning: C-3
• • Parking: 200+
• • Traffic Count: 26,972 AADT

Description:

This former hotel has been fully renovated and is ready for a new business model. Current C-1 zoning permits a multitude of opportunities, but due to its proximity to local colleges and hospitals, the biggest and best use may be:

• Assisted Living/Memory Care
• Student Housing/Multifamily
• Hospitality

Financing Options:

Seller Financing: Available to Qualified Purchasers. Rate and terms to be determined. For the purposes of this report and financial projections, the following finance scenario is provided:

• 70% LTV ($7M Balance), 30% Down Payment
• 6% Interest Only (Start-up and/or short-term loan)
• 25-Year Amortization Schedule incorporated upon business stabilization or after 3 years, whichever comes first

Assisted Living Competition: There are eight ALF’s, two Nursing Homes and an assortment of Retirement Homes located within 3-miles West from subject property, to include Senior Ally Care, Isabella Manor, Friendship Personal Care, and others. The current population in Albany GA is 65,400 (5-mile radius from Subject Property), with approximately 26% of the population over the age of 55. Area Hospitals-Medical Facilities: Two major Hospitals, Monroe Regional and Phoebe Putney Memorial, are located within 2-miles from the Subject Property.

For further information on this property please contact: Benny Spensieri - 813-391-1545 - benny@CRESCorpLLC.com, or Guzel Lubinski – 312-237-0290 - guzel@irealestatecommercial.com

City of Albany is located in Southwest Georgia on the banks of the Flint River. The city is 78 miles southeast of Columbus, OH and 151 miles south of Atlanta, GA. The subject property is within a 5-minute drive of Albany State University and James H. Gray Sr. Civic Center. This hotel is 1.4 miles from Ray Charles Plaza and 1.4 miles from Albany Welcome Center.