(Azeele Park) S. Tampa Value-Add Investment ALF Opportunity

Investment Overview

Rare opportunity to acquire a substantially renovated South Tampa property positioned for conversion to a boutique assisted living, senior living or congregate living residence, subject to all required City of Tampa, AHCA, fire, building and other governmental approvals.​

• • ​6-bedroom pro-forma configuration upon renovations and staffing.
  • ​Potential for up to 12 beds, subject to required approvals
  • ​1 full ADA + 2 full + 3 half baths upon completion
  • ​Large commercial-style kitchen with double ovens, oversized island, extensive prep/storage space and commercial-style vent hood
  • ​Large common dining/great-room areas
  • ​Double-door side entrance and mudroom
  • ​Major renovations already completed or underway: electrical, plumbing, paint, stucco, landscaping, irrigation and tankless water heater
  • ​Large backyard with potential for resident outdoor/recreation space
  • ​Prime South Tampa location convenient to Tampa General/medical services, Downtown, Hyde Park, Westshore and Tampa International Airport
  • ​Potential owner/operator or investment opportunity

This use of the property requires special use approval (S-1).​ With special use approval (S-1) and a best-use scenario, the property can be expanded to accommodate up to 12 beds.​ Based on comparable assisted living facilities in the surrounding area, the property can generate tenant space income and long-term equity gain with experienced management.​ 

Area Overview

Azeele Park South Tampa

Prime location in the South Tampa Area! Perfectly positioned by Hyde Park Village, Tampa General/medical services, Bayshore Boulevard, Downtown Tampa, the Westshore Business District, Mid-Town Tampa, Marina Pointe, and Tampa International Airport.

 

Highlights

The Total Estimated Proforma Operating Budget

The total yearly operating expense to run a 12-bed ALF typically ranges from $350,000 to $485,000, driven primarily by staffing, food, and facility overhead.

Major Operating Expense Categories

1. ​​​Staffing Costs: $236,000 to $285,000 annually for round-the-clock caregivers and management
2. ​​​Food and Dietary: $35,000 to $50,000 annually for 12 beds
3. ​​​Utilities and Maintenance: $18,000 to $45,000 annually depending on utility rates and building upkeep
4. ​​Insurance and Licensing: General liability, professional liability, workers' compensation, and state licensing fees cost roughly $5,000 to $9,500 annually.