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2115 Point Mallard Dr SE - ±33,906 SF Assisted Living Facility 33,906 SF Health Care Building Offered at $3,800,000 in Decatur, AL 35601
Executive Summary
Located in Decatur, Alabama, this building is in A “Senior-Heavy” Market: Decatur’s 65+ population (approximately 18.1% of the city) is slightly higher than the national average. When looking at the broader MSA, nearly 1 in 5 residents is a senior, indicating a high density target market for assisted living services.
Regional Draw: As the second-largest city in the Huntsville-Decatur Combined Statistical Area (CSA)—a region with over 880,000 people—Decatur acts as a primary service hub for the more rural parts of Lawrence and Limestone counties.
Economic Stability: With a median household income of approximately $63,987 and a cost of living roughly 12% below the national average, residents have higher-than-average discretionary income for private-pay senior care options for care.
STRONG MARKET
• Average Net Worth (Age 75+): $1,696,281
• Average Household Income (Age 75+): $70,747
• Average Home Value: $361,052
• Unmet Demand (10 mile): 196 Beds
PROPERTY HIGHLIGHTS
• List Price: $3,800,000
• Gross Revenue: $2,174,408 (Actual)
• Occupancy: 70.5% November (Actual)
• Forecast NOI: $543,602 (normalizing expenses to 75% of Gross Revenue)
• CoStar Southeast Sold Comps:$233/SF
• 2024 Weitz Replacement Cost (Construction cost only): $273/SF
FINANCIAL HIGHLIGHTS (5-Year Hold)
• Property Qualifies for a SBA 504 Loan: 25-year term, 85% LTC, and 5.856% interest
• Using 29.5% Year 1, 19% Year 2, and 10% Years 3-10
• Revenue growth: 5% per year
• IRR: 83.11%
• Cash on Cash: 33.16%
• Acquisition CAP Rate: 12.3%
• Debt Service Coverage Ratio: 1.9
• Projected Sales Year 5: $9.5 million
• Sales proceeds after expenses: $6.3 million
Regional Draw: As the second-largest city in the Huntsville-Decatur Combined Statistical Area (CSA)—a region with over 880,000 people—Decatur acts as a primary service hub for the more rural parts of Lawrence and Limestone counties.
Economic Stability: With a median household income of approximately $63,987 and a cost of living roughly 12% below the national average, residents have higher-than-average discretionary income for private-pay senior care options for care.
STRONG MARKET
• Average Net Worth (Age 75+): $1,696,281
• Average Household Income (Age 75+): $70,747
• Average Home Value: $361,052
• Unmet Demand (10 mile): 196 Beds
PROPERTY HIGHLIGHTS
• List Price: $3,800,000
• Gross Revenue: $2,174,408 (Actual)
• Occupancy: 70.5% November (Actual)
• Forecast NOI: $543,602 (normalizing expenses to 75% of Gross Revenue)
• CoStar Southeast Sold Comps:$233/SF
• 2024 Weitz Replacement Cost (Construction cost only): $273/SF
FINANCIAL HIGHLIGHTS (5-Year Hold)
• Property Qualifies for a SBA 504 Loan: 25-year term, 85% LTC, and 5.856% interest
• Using 29.5% Year 1, 19% Year 2, and 10% Years 3-10
• Revenue growth: 5% per year
• IRR: 83.11%
• Cash on Cash: 33.16%
• Acquisition CAP Rate: 12.3%
• Debt Service Coverage Ratio: 1.9
• Projected Sales Year 5: $9.5 million
• Sales proceeds after expenses: $6.3 million
Property Facts
| Price | $3,800,000 | Lot Size | 2.97 AC |
| Price Per Bed | $69,091 | Building Size | 33,906 SF |
| Sale Type | Investment or Owner User | No. Beds | 55 |
| Property Type | Health Care | No. Stories | 1 |
| Property Subtype | Assisted Living | Year Built | 1999 |
| Building Class | C | Opportunity Zone |
Yes
|
| Zoning | Unzoned - unzoned | ||
| Price | $3,800,000 |
| Price Per Bed | $69,091 |
| Sale Type | Investment or Owner User |
| Property Type | Health Care |
| Property Subtype | Assisted Living |
| Building Class | C |
| Lot Size | 2.97 AC |
| Building Size | 33,906 SF |
| No. Beds | 55 |
| No. Stories | 1 |
| Year Built | 1999 |
| Opportunity Zone |
Yes |
| Zoning | Unzoned - unzoned |
Room Mix Information
| Description | No. Beds |
|---|---|
| - | 55 |
1 1
Property Taxes
| Parcel Number | 03-05-21-0-000-003.010 | Improvements Assessment | $529,220 |
| Land Assessment | $51,740 | Total Assessment | $580,960 |
Property Taxes
Parcel Number
03-05-21-0-000-003.010
Land Assessment
$51,740
Improvements Assessment
$529,220
Total Assessment
$580,960
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2115 Point Mallard Dr SE - ±33,906 SF Assisted Living Facility
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