Co-Cre8.com - Multibed Care in Panama City, FL

Build Out and Operate
a Multibed Care Business
in Panama City, FL

Let your imagination, impact, and profits run wild!

Looking for an affordable value-add renovation opportunity, quiet and near the beach?

This former 34 bed assisted living facility, then known as Robinson Residential Care, is ready for you to build out and operate the multibed care business of your dreams. You can serve people from across the country who yearn for more natural, secluded, subtropical options within a 30-minute drive of beautiful white sand beaches.

This ~7,000 sq ft brick and wood frame building located on the outskirts of Panama City, FL sits on a ~1 acre lot surrounded by nature at 11921 Caruso Dr, Panama City, FL 32404.

It has 13 bedrooms, 6 baths, 2 laundry rooms, a new roof, and a ton of potential. Private setting yet 15 minutes to shopping and 30 minutes to beaches. Plenty of parking.

Property needs full rehab, which is why it's sub $50 per square foot and not $150-200 PSF like single family in the area...or much more if you rehab, re-license, and lease up as a group, assisted, or nursing home.

At sub $50 per square foot, this has lots of upside for someone with rehab experience. Not occupied. No NOI or T12 available. Roof is 3 years old. Water active to property. Electric to property but disconnected due to vacancy.

Pro forma NOI is based on someone rehabbing, re-licensing, running as ALF at full occupancy, $3k per month per bed, 70 percent expense ratio. It does NOT factor in rehab costs because that will vary.

Golf course development nearby.

Panama City is easily accessible via highways 98, 231, 77, and 22; bus, many regional airports, and the Tallahassee International Airport which is less than 2 hours away.

The city has two hospitals, Ascension Sacred Heart Bay and HCA Florida Gulf Coast Medical Center.

May consider trade for free and clear property worth more. No blind offers or contract assignments. Feel free to ask for more info/pics.

Please Contact Us if you're interested. We offer 3% to a buyer's agent at close.

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