For Sale Granite Ridge Village $1,975,000 16 Unit Senior Housing Market Rate Property This is a chance to own a high-quality senior housing property at a time of unprecedented demand. This property features 2 buildings consisting of 8 units each, all 2 bedroom/2 bath. All units are on ground level with most having attached garages. Rents range from $1,060 to $1,300 per month. Seller developed the property in phases and has managed the facility since day one. The first building was constructed in 1994 and the second phase was completed in 2004. Historically, the property has had great occupancy.
Outstanding features of this high-quality facility are as follows: High quality oak cabinetry throughout the kitchen including rollout shelving under counter, Lazy Susan and rollout shelving in a separate pantry area. Kitchen and informal dining room area are well fixtured and feature natural light as well Miniblinds in kitchen and bedrooms Master bedroom has a large walk-in closet Newer building has an air exchange system All units have in floor radiant heat, through the wall A/C is located in the master bedroom Neutral carpet and vinyl throughout ADA compliant restroom in select units One piece tub and shower enclosure Bathrooms have twice the average cabinetry of a typical apartment. Formal dining area accommodates seating for upwards of 10 people Each bedroom, living room and large dining area is equipped with a ceiling fan with light 100 amp electrical service in each unit Each unit features a concrete patio area outfitted with electrical outlets and water spigots High-quality steel siding and clad windows Each building has a commercial water heater, new in 2012 Natural gas boilers provide in-floor heat Water softeners are owned by the seller. There is a separate water softener system for drinking water taps in each kitchen A full line of quality appliances, over the range microwave ovens, glass top, self-cleaning ranges in newer building. Above-average quality dishwashers and refrigerators. Full-size washer and dryer in each unit. Range hoods vent outdoors. Exterior water spigots appear to be metered separately Clothes lines for each building
Granite Ridge Village
Additional Property Facts: A 12X15 community building (similar to a gazebo three season) features a stove, refrigerator and table and chairs. Seller indicates that both buildings are essentially identical other than appliances and the air exchange system. Each unit is approximately 1,250 square feet with 2 bedrooms and 1-3/4 baths. Living room is 15 x 16 Dining area is 9 x 15 Larger bedroom is 13 x 14 plus with walk-in closet 12 of the units have single stall attached garages, oversized 11 x 22 4 of the units have detached garages A 5th detached stall is used for grounds equipment and storage. John Deere riding lawnmower/snowblower included in the sale 2016 real estate taxes $17,331, assessed value $1,709,600 The site is approximately 2.2 acres The buildings total approximately 24,000 square feet, plus the exterior garage buildings and the gazebo add approximately 1,500 square feet.
Aerial
Floor Plan Washer/ Dryer Restroom Walk-In Closet Master Bedroom 13 x 14 Dining Room 9 x 15 Living Room 15 x 16 Bedroom 11 x 11 Kitchen Garage 11 x 22
Financial 2016 Budget Income Per Month 2 Units $1,060 $25,440 2 Units $1,125 $27,000 1 Units $1,160 $13920 3 Units $1,200 $43,200 1 Units $1,225 $14,700 2 Units $1,260 $30,240 5 Units $1,300 $78,000 Total Gross Potential Income $232,500 Less 5% Vacancy $11,625 Estimated Total Income $220,875 Expenses Taxes - Real Estate $34,700 Insurance $3,430 Office, Prof. Fees, Adv. & Misc. $4,220 Repair, Maintenance & Supplies $10,900 Cleaning & Maintenance (Family) $9,000 Refuse $2,500 Water $10,800 Excel $9,600 Cable $5,400 Total Expenses $90,550 Estimated Pro-Forma Net Operating Income $130,325