955 Kentucky Ave
Coos Bay, OR 97420

The opportunity presented is a for a vacant 55 unit memory care facility located in Coos Bay, OR. There is one (1) furnished single story building located on approximately 2.03 acres. The facility is approximately 28,200 square feet and was purpose built in 1998. $150,000 of capital improvements were complete in 2015. In 2014 the facility was at a stabilized occupancy of 98% (54 out of 55 units/rooms occupied). In 2015 following a series of repeated infractions the property was placed on an admission restriction by the State of Oregon, Office of Licensing and Regulatory Oversight resulting in a significant drop in occupancy. Due to the ongoing licensing issues, ownership decided to close operations, vacate the building, and exit the Coos Bay market in February 2018. An appraisal completed in 2017 valued the property and improvements at $5,700,000. In order to expedite a sale, ownership has reduced the appraised value by 15% to $4,900,000