1212 32Nd StAllegan, MI 49010

Property Details for 1212 32Nd St

Year built

2011

Lot size

1.08 AC

Property size (Sq ft)

4,420 SF

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

01-032-068-10

APU

103206810

Description

This exceptional investment opportunity presents a 10-unit assisted living and memory care facility nestled in Allegan, Michigan. The property comprises three buildings – two dedicated to assisted living and one single-family residence – situated on a spacious 1.86-acre lot. Built in 2011 and 1964, with renovations completed in 2019, the facility boasts 6,768 square feet of net rentable space, offering ample room for residents. The property includes 10 bedrooms and is zoned for commercial use. The asking price is $775,000, translating to $114.51 per square foot. This turnkey operation offers a rare chance to acquire both the real estate and an established business with significant growth potential. The property's location in Allegan provides a tranquil setting while maintaining convenient access to Grand Rapids, Kalamazoo, and Holland. The facility is designed to enhance residents' quality of life, featuring spacious living areas and dining facilities, and is conveniently located near area medical facilities. The property consists of two parcels, with APNs 0103206810 & 0103206900. This three-story building presents a unique opportunity for an investor seeking a profitable venture in the growing senior care market. The property's amenities are tailored to meet the needs of residents, ensuring a comfortable and supportive environment. The existing business offers immediate income potential, while the property's size and zoning allow for future expansion.

• CAP approach

  CAP return

  Valuation

  6%

  $554,526

  6.5%

  $511,870

  7%

  $475,308

• Comparable approach

  Method

  Valuation

  Relative Method

  $662,061

  Geo Method

  $662,061

• Alternative Use

  Use

  Valuation

  Residential

  $649,329

  Hospitality

  $594,782

  Educational

  $494,852

  Medical

  $511,870

  Retail

  $769,769

Location Insight

City

Allegan

County

Allegan

State

Michigan

Latitude

42.5089

Longitude

-85.862

CBSA code

26090

CBSA name

HOLLAND, MI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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