We currently have a property in Grass Lake, Mi under contract for $199,000 for a scheduled closing by November 15th 2020.
Located in the Village of Grass Lake it is the largest single parcel in the village with an existing 6200 sq ft building currently serving as a residential rental on 8+ acres.
We have gone through the necessary approvals procuring a “conditional use permit” and a site plan approval to improve the property through six phases as a licensed “Adult Foster Care” (Assisted Living)campus.
Phase I is planned to renovate the existing structure into 10 units, phase 2 will include adding an additional 10 units to create a 20 unit pod consisting of approximately 12,000 sq. ft. Phases 3,4,5, and 6 will each consist of additional pods of 20 units (12,000) sq. ft. and each structure will be licensed separately.
The project will be all private pay with base rates in the $5,500 range which is on the lower end of the market.
Each phase will be driven by market and the project can stand on its own after Phase 1 is completed.
We are seeking financing for the purchase ($199K) and phase 1 remodeling ($299K) in the amount of $498K total.
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