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2826 E Karen Dr - 104-Bed Behavioral Health Campus 29,134 SF Health Care Building Offered at $11,300,000 at a 13.53% Cap Rate in Phoenix, AZ 85032
Executive Summary
**104-Bed Behavioral Health Campus Opportunity**
Rare value-add opportunity to acquire a campus-style behavioral health asset with **DHS approval **and capacity for up to **104 beds**. The property includes **52 units spread across multiple buildings on one campus**, offering a flexible layout ideal for assisted living, behavioral health, residential treatment, sober living, or specialty care operations.
Currently unlicensed, the property gives a new owner/operator the ability to activate, reposition, and scale the asset around their preferred care model. With existing approval, strong bed capacity, and a multi-building campus configuration, this is a compelling opportunity for an experienced operator seeking immediate healthcare real estate upside.
Rare value-add opportunity to acquire a campus-style behavioral health asset with **DHS approval **and capacity for up to **104 beds**. The property includes **52 units spread across multiple buildings on one campus**, offering a flexible layout ideal for assisted living, behavioral health, residential treatment, sober living, or specialty care operations.
Currently unlicensed, the property gives a new owner/operator the ability to activate, reposition, and scale the asset around their preferred care model. With existing approval, strong bed capacity, and a multi-building campus configuration, this is a compelling opportunity for an experienced operator seeking immediate healthcare real estate upside.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$3,120,000
|
$107.09
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$156,000
|
$5.35
|
| Effective Gross Income |
$2,964,000
|
$101.74
|
| Taxes |
$36,064
|
$1.24
|
| Operating Expenses |
$1,399,046
|
$48.02
|
| Total Expenses |
$1,435,110
|
$49.26
|
| Net Operating Income |
$1,528,890
|
$52.48
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $3,120,000 |
| Annual Per SF | $107.09 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $156,000 |
| Annual Per SF | $5.35 |
| Effective Gross Income | |
|---|---|
| Annual | $2,964,000 |
| Annual Per SF | $101.74 |
| Taxes | |
|---|---|
| Annual | $36,064 |
| Annual Per SF | $1.24 |
| Operating Expenses | |
|---|---|
| Annual | $1,399,046 |
| Annual Per SF | $48.02 |
| Total Expenses | |
|---|---|
| Annual | $1,435,110 |
| Annual Per SF | $49.26 |
| Net Operating Income | |
|---|---|
| Annual | $1,528,890 |
| Annual Per SF | $52.48 |
Property Facts
| Price | $11,300,000 | Building Class | B |
| Price Per Bed | $108,654 | Lot Size | 2.00 AC |
| Sale Type | Investment or Owner User | Building Size | 29,134 SF |
| Cap Rate | 13.53% | No. Beds | 104 |
| Property Type | Health Care | No. Stories | 2 |
| Property Subtype | Rehabilitation Center | Year Built | 2019 |
| Price | $11,300,000 |
| Price Per Bed | $108,654 |
| Sale Type | Investment or Owner User |
| Cap Rate | 13.53% |
| Property Type | Health Care |
| Property Subtype | Rehabilitation Center |
| Building Class | B |
| Lot Size | 2.00 AC |
| Building Size | 29,134 SF |
| No. Beds | 104 |
| No. Stories | 2 |
| Year Built | 2019 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 214-57-100 | Total Assessment | $15,841 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | $36,064 ($1.24/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
214-57-100
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$15,841 (2025)
Annual Taxes
$36,064 ($1.24/SF)
Tax Year
2026
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