Bucksport, ME - Evergreen Assisted Living

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, Evergreen Assisted Living investment property located in Bucksport, Maine. The tenant, Magnolia Care Homes will sign a brand new 15-year lease at close of escrow demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

The Magnolia Care Home is located along Main Street, which averages 8,300 vehicles passing by daily and is the major retail thoroughfare serving the city of Bucksport. The asset has excellent visibility and multiple points of ingress/egress. Additionally, the property is located along a corridor of various retail stores, helping provide additional consumers into the trade area . Furthermore, the site is positioned in an extremely limited competition area, with the subject property being one of two senior living buildings in a 15-mile radius. In addition, the subject area is expected to have a higher growth rate in the 65-84 year old age groups than the national average for this age range. The property is also located nearby a multitude of medical offices, helping draw potential customers into the trade area. The 5-mile trade area is supported by a population of over 6,600 with an average household income of $87,594.