233 Gilreath Rd NW - CALL FOR OFFERS | SEPTEMBER 6, 2024
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233 Gilreath Rd NW - CALL FOR OFFERS | SEPTEMBER 6, 2024
38,339 SF Health Care Building Offered at $10,000,000 in Cartersville, GA 30121
Investment Highlights
- Built in 2021, a ±38,339 SF Facility comprised of 46 suites and licensed for 50 Beds on ±5.27 acres.
- C-1 Zoning allows for institutional uses including Drug Treatment by right
- Includes engineering and architectural plans
- With double occupancy, the bed count can be as high as 92 beds. Separate Activity Center. Potential Residential Staff Quarters.
- Approved plans for a ±31,940 SF addition for 49 suites on ±3.66 additional acres
- Potential Partnership
Executive Summary
Tiger Lily Estates is currently a licensed Assisted Living Facility built in 2021 on an ±8.83-acre campus comprised of five buildings totaling ±38,339 SF, and is located in the Atlanta bedroom community of historic Cartersville, Georgia.
The completed Phase I development occupies ±5.27 acres with two residential buildings totaling 48 suites, currently licensed for 50 beds offering Assisted Living, Memory Care, and Respite Care. The property is currently vacant. The current facility can support up to 92 beds with double occupancy.
Tiger Lily Estates also offers Adult Day Care licensed for 23 guests in their Activities Building which could be repurposed for an Intensive Outpatient Program (IOP). There is also a separate kitchen facility.
In addition, the old Gilreath Family Homestead, a ±2,897 SF 5-bedroom/3.5-bath home built in 1911, currently used as an office, could be used as owner’s quarters or residential staff quarters.
The property’s zoning supports institutional uses including Behavioral and Substance Abuse Treatment Facilities by right, see following page. Facility would be a strong candidate for conversion to Behavioral Use.
Tiger Lily Estates offers significant value! According to a pre-build appraisal done by Cushman & Wakefield in 2020, the value came to $11,500,000, including the extra vacant land. According to Weitz, today’s Assisted Living Construction costs will average $356 per SF in 2024 or $13,648,684 for a ±38,339 SF facility. The current cost of land per acre in Bartow County is $335,000 per acre or $1,226,100 for the 3.66 additional acres.
Included in the sale are architectural work plans for Phase II to increase the size of facility with fully completed plans, specs, and civil engineering for an additional ±31,940 SF building with 49 suites on ±3.66 acres also suitable for double occupancy. Cost of FEMA LOMR, CLOMR, civil engineering, and architectural costs was approximately $500,000.
The completed Phase I development occupies ±5.27 acres with two residential buildings totaling 48 suites, currently licensed for 50 beds offering Assisted Living, Memory Care, and Respite Care. The property is currently vacant. The current facility can support up to 92 beds with double occupancy.
Tiger Lily Estates also offers Adult Day Care licensed for 23 guests in their Activities Building which could be repurposed for an Intensive Outpatient Program (IOP). There is also a separate kitchen facility.
In addition, the old Gilreath Family Homestead, a ±2,897 SF 5-bedroom/3.5-bath home built in 1911, currently used as an office, could be used as owner’s quarters or residential staff quarters.
The property’s zoning supports institutional uses including Behavioral and Substance Abuse Treatment Facilities by right, see following page. Facility would be a strong candidate for conversion to Behavioral Use.
Tiger Lily Estates offers significant value! According to a pre-build appraisal done by Cushman & Wakefield in 2020, the value came to $11,500,000, including the extra vacant land. According to Weitz, today’s Assisted Living Construction costs will average $356 per SF in 2024 or $13,648,684 for a ±38,339 SF facility. The current cost of land per acre in Bartow County is $335,000 per acre or $1,226,100 for the 3.66 additional acres.
Included in the sale are architectural work plans for Phase II to increase the size of facility with fully completed plans, specs, and civil engineering for an additional ±31,940 SF building with 49 suites on ±3.66 acres also suitable for double occupancy. Cost of FEMA LOMR, CLOMR, civil engineering, and architectural costs was approximately $500,000.
Property Facts Under Contract
| Price | $10,000,000 | Lot Size | 8.80 AC |
| Price Per Bed | $108,696 | Building Size | 38,339 SF |
| Sale Type | Investment | No. Beds | 92 |
| Sale Conditions | Distress Sale | No. Stories | 1 |
| Property Type | Health Care | Year Built | 2021 |
| Property Subtype | Rehabilitation Center |
| Price | $10,000,000 |
| Price Per Bed | $108,696 |
| Sale Type | Investment |
| Sale Conditions | Distress Sale |
| Property Type | Health Care |
| Property Subtype | Rehabilitation Center |
| Lot Size | 8.80 AC |
| Building Size | 38,339 SF |
| No. Beds | 92 |
| No. Stories | 1 |
| Year Built | 2021 |
Amenities
- Wheelchair Accessible
Room Mix Information
| Description | No. Beds |
|---|---|
| - | 92 |
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zoning
| Zoning Code | C-1 (Zoning allows following uses by right: rehabilitation and treatment facilities, residential treatment centers, alcohol and drug abuse, and behavioral.) |
| C-1 (Zoning allows following uses by right: rehabilitation and treatment facilities, residential treatment centers, alcohol and drug abuse, and behavioral.) |
-
Ernie Anaya, MBA -
Bull Realty Inc.
(404) 876-1640
x130
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233 Gilreath Rd NW - CALL FOR OFFERS | SEPTEMBER 6, 2024
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