CARROLL'S RESIDENTIAL CARE PORTFOLIO · PORTFOLIO INVESTMENT HIGHLIGHTS 6 KIDDER MATHEWS OFFERING...

KIDDER.COM

CARROLL'S RESIDENTIAL CARE PORTFOLIO

OFFERING MEMORANDUM | 655 MOLLISON AVE & 523 EMERALD AVE | EL CAJON, CA

http://www.kidder.com/


The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.

This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

01INVESTMENT SUMMARY

02PROPERTY DESCRIPTION

03FINANCIALS

KIDDER.COM

PETER QUINN

858.369.3063 [email protected] N° 00806439

EXCLUSIVELY LISTED BY

CALDER CONRAD

505.401.1211 [email protected] N° 01987879

TABLE OF CONTENTS


http://www.kidder.com

01INVESTMENT

SUMMARYTHE OFFERING - CARROLL'S RESIDENTIAL CARE PORTFOLIO

INVESTMENT HIGHLIGHTS

EL CAJON, CA OVERVIEW

3 KIDDER MATHEWS OFFERING MEMORANDUM 655 MOLLISON AVE & 523 EMERALD AVE

Kidder Mathews is pleased to present Carroll’s Community Care Facilities for Sale in El Cajon, CA.

THE OFFERING

Carroll’s Care Portfolio consist of two residential care facilities:

Carroll’s Residential Care – 144 bed Retirement & Assisted Living facility.

Carroll’s Community Care – 70 bed Co-ed adult residential facility.

INVESTMENT SUMMARY

Carroll’s Residential Care is for Seniors and older adults in need of an assisted living facility usually needing help with some basic daily needs. Carroll’s Assisted living facilities offer services such as Independent Living, Personalized Assisted Living, Memory Care for Alzheimer’s Rehabilitation, Dementia, and Skilled Nursing.

Other programs include providing rehabilitation, fitness, educational programming and health services to seniors.

Residents will also receive

CARROLL’S RESIDENTIAL CARE

PROPERTY OVERVIEW

Location 655 S. Mollison Ave El Cajon, CA 92020

APN 493-102-04

Property Type Assisted Living

Units 72

Patient Capacity 144

GBA 33,796 SF

Land Area 1.47 AC (64,033 SF)

Year Built 1970

Zoning RM-4300

Price $5,500,000

Price/Bed $38,194

Price/SF $162.74

Parking Spaces 35

Construction Type Wood Frame

Roof New Roof 2019

655 S MOLLISON AVE EL CAJON, CA 92020

S M

OL

LIS

ON

AV

E

assisted care with medication, mobility, meal preparation, eating, bathing, dressing and housekeeping.


5

A

THE OFFERING

Carroll’s Community Care – 70 bed Co-ed adult residential facility that serves mentally ill individuals ages 18-59.

A licensed boarding care facility, one level above independent living, providing 24-hour staff serving three meals and medication

INVESTMENT SUMMARY

management, including a 30-day calendar of activities, group recovery and nutrition programs. Accepts SSI and SSA payees preparation, eating, bathing, dressing and housekeeping.

CARROLL’S COMMUNITY CARE

PROPERTY OVERVIEW

Location 523 Emerald Ave El Cajon, CA 92020

APN 487-542-05, 487-542-06, 487-542-07, 487-542-08


Units 40

Patient Capacity 70

GBA 11,664 SF


Year Built 1974

Zoning RM- 2200

Price $2,500,000

Price/Bed $35,714

Price/SF $214.33

Parking Spaces 16


523 Emerald Ave El Cajon, CA 92020

EM

ER

AL

D A

VE

KIDDER MATHEWS OFFERING MEMORANDUM 655 MOLLISON AVE & 523 EMERALD AVE

1

2

CARROLL'S RESIDENTIAL CARE PORTFOLIO INVESTMENT HIGHLIGHTS


Carroll's Residential Care Portfolio

Offers the ability for an owner-operator to revitalize two existing facilities for a total of 214 beds.

The properties

Are currently leased to one operator until February 2023 with no options to renew.

Landlord obligations include foundations, exterior walls, landscaping, parking lot and HVAC systems.

Tenant obligations include payment of real estate taxes, insurance, and interior repairs.

This Opportunity

Allows an operator to maximize revenue through managementexpertise and taking advantage of all available subsides from city, state and county programs.

Can be sold separately.

Both properties are located a designated opportunity zone.

655 S MOLLISON AVE523 EMERALD AVE

EL CAJON

LA MESA

CASA DE ORO RANCHO SAN DIEGO

Mission Trail Regional Park

GRANITE HILLS

E C H A S E A V E

STREETS - MAPS

AV

OC

AD

O A

VE

F UER

T

E D R

L E MO N A V E

C O N R A D D R

FURY LN

V

IS

TA G

RA

ND

E R

D

BROADWAY

PEPPER DR

E MA

IN S

T

GREENFIELD DR


8

EL CAJON, CA OVERVIEW

Through the years El Cajon has grown into a prosperous and beautiful city and like any great city, it is important to preserve the memories of time past to share with future generations.

Nestled in a scenic valley edged by mountains and the San Diego coast, El Cajon is a charming city with great shopping, dining, arts, and outdoor recreation.

The heart of San Diego's East County, El Cajon offers exciting attractions including Sycuan Golf Resort and Casino. See a game at Qualcomm Stadium, take the

ferry to Coronado Island or explore downtown San Diego, Seaport Village, San Diego Zoo and SeaWorld. Or just soak up some California sunshine at Pacific Beach.

DESIRABLE EAST COUNTY LOCATION

According to the United States Census Bureau, the city has a total area of 14.4 square miles of land. It is bordered by San Diego and La Mesa on the west, Spring Valley on the south, Santee on the north, and unincorporated San Diego County on the east. It includes the neighborhoods of Fletcher Hills, Bostonia, and Rancho San Diego

EXCELLENT ACCESS TO TRANSPORTATION

External organizations provide transportation services such as bus, taxicab, and trolley services.

347,395

POPULATION (2019 - 5 MILES RADIUS)

14.4

TOTAL AREA (SQ MILES)

SAN DIEGO

EAST COUNTY

$ 77,827

MEDIAN HOUSEHOLD INCOME

655 MOLLISON AVE

523 EMERALD AVE

MAIN ST

MO

LL

ISO

N A

VE

EM

ER

AL

D A

VE WASHINGTON AVE

2ND STREET

02PROPERTY

DESCRIPTIONPROPERTY SUMMARY

AMENITIES

FLOOR PLANS

MAPS & AERIALS


PROPERTY SUMMARY CARROLL'S RESIDENTIAL CARE

Address 655 S. Mollison Ave El Cajon, CA 92020

APN 493-102-04


Units 72

Patients Capacity 144

GBA 33,796 SF


Year Built 1970

Zoning RM-4300

Price $5,500,000

Price/Bed $38,194

Price/SF $162.74

Parking Spaces 35

CONSTRUCTION SPECIFICATIONS


Roof Age 2019

Unit Mix 2 Bed/1 Bath

PROPERTY DESCRIPTION655 S MOLLISON AVE


N

S MOLLISON AVE

CARROLL'S RESIDENTIAL CARE


FLOOR PLAN CARROLL'S RESIDENTAIL CARE

Open Court YardRecreation

Open Court YardRecreation & Dining

Pati

ents

Storage

Tras

h

Ele

ctri

cal

Corridor Corridor

Kit

chen

Cooler

Walk In

Freezer

Walk In

Dry

Sto

rag

e Men RR

Women RRJanitor

Storage

Linen

Men RR

Women RRJanitor

Corridor

Co

rrid

or

Co

rrid

or

LinenJan

Storage Storage

General

Office

Sto

rag

e

Private

Office Water

heaters

Toile

tTo

ilet Woman's

Dress and lockers

Men's Dress and lockers

Doctor

& Exam

Me

ds

sto

rag

e

Co

rrid

or

Janitor

Linen Soil Linen

Laundry

Staff

Corridor

CorridorCorridor

Unit Mix: 2Bed/1Bath

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Patients

Patients

Patients

Patients

Patients

Patients

Patients

Patients

Patients

Patients

Patients

Patients

Patients

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents

Pati

ents


Carroll's Residential Care Community AmenitiesCommercial kitchen

Lush low-maintenance landscaping

Two interior courtyards – Mature landscaping & fountain

Laundry area

Front office and reception area


523 EMERALD AVE


PROPERTY SUMMARY CARROLL'S COMMUNITY CARE

Address 523 Emerald Ave El Cajon, CA 92020

APN 487-542-05, 487-542-06, 487-542-07, 487-542-08


Units 40

Patients Capacity 70

GBA 11,664 SF


Year Built 1974

Zoning RM- 2200

Price $2,500,000

Price/Bed $35,714

Price/SF $214.33

Parking Spaces 16

CONSTRUCTION SPECIFICATIONS


Kitchen/Dining Facility

Unit Mix 2Bed/1Ba

PROPERTY DESCRIPTION

N

EMER

ALD

AV

E

BUILDING 1

BUILDING 2

CARRROLL'S COMMUNITY CARE


FLOOR PLAN CARROLL'S COMMUNITY CARE

FIRST FLOOR - BUILDING 1

Recreation & Dining room

Guest room

Guest room

Kitchen

Guest room

Bath

OfficeBath

Guest room Guest roomGuest roomGuest room

Bath Bath

Guest roomGuest room

Guest room Guest room


SECOND FLOOR - BUILDING 1

Bath

Guest roomGuest room

Guest room

Guest room

Bath Bath

Guest room

Guest room

Guest room

Guest roomGuest roomGuest roomGuest room

Balcony

Balcony

Kitchen Kitchen Guest room

Recreation room


KitchenBath


BUILDING 2


* Floor plan not actual scale

Living Room

Recreation Room

BathBat

h

Bat

h

Bat

h

Laun

dry

Bat

h

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room

Guest Room Guest

Room

Guest Room

Guest Room


Carroll's Community Care AmenitiesCourtyard

Recreation room

Activity room


CARROLL'S RESIDENTIAL CARE PORTFOLIO

EL CAJON

SANTEELAKESIDE

655 MOLLISON AVE

523 EMERALD AVE

N


03FINANCIALS

OVERVIEWPROPERTY RENT SUMMARY

ESTIMATED OPERATING EXPENSES

OPERATING INFORMATION INCOME

NET OPERATING INCOME


FINANCIALS OVERVIEW

PROPERTYMONTHLY RENT ANNUAL RENT

LEASE

EXPIRATION

655 S Mollison Ave $9,000.00 $108,000.00 2/14/2023

455 & 523 Emerald Ave $7,250.00 $87,000.00 2/14/2023

OPERATING INFORMATION INCOME

Property Taxes Tenant Responsibility

Utilities Tenant Responsibility

Insurance Tenant Responsibility

Roof repair & Maintenance Landlord Responsibility

Repairs & Maintenance Landlord Responsibility

HVAC & Mechanical Systems Landlord Responsibility

Total Gross Income $195,000.00

Total Estimated Landlord Expenses $25,000.00

Net Operating Income $170,000.00

ESTIMATED OPERATING EXPENSES

Property Taxes

455 & 523 Emerald Ave $26,897.06

655 S Mollison Ave $65,587.16

Insurance $13,000.00

Management $6,000.00

Repairs Maintenance $6,000.00


KIDDER.COM

EXCLUSIVELY REPRESENTED BY

PETER QUINN

[email protected] N° 00806439

CALDER CONRAD

[email protected] N° 01987879



CARROLL'S RESIDENTIAL CARE PORTFOLIO · PORTFOLIO INVESTMENT HIGHLIGHTS 6 KIDDER MATHEWS OFFERING...

Documents

Transcript of CARROLL'S RESIDENTIAL CARE PORTFOLIO · PORTFOLIO INVESTMENT HIGHLIGHTS 6 KIDDER MATHEWS OFFERING...