Santovenia Assisted Living Facility
6856 St Augustine Rd, Jacksonville, FL 32217
Marketing description
Marcus & Millichap is pleased to present the opportunity to acquire 6856 St. Augustine Road, a value-add Healthcare Residential Redevelopment opportunity in Jacksonville, FL. The property is located just south of the intersection of University Boulevard and St. Augustine Road within the San Marco / San Jose corridor.
The property is currently undergoing renovation and is vacant, offering a new operator the ability to complete improvements and execute a full lease-up stabilization. The asset consists of a 3,600 square-foot, two-story concrete building situated on an 11,326 square foot corner lot with direct frontage along St. Augustine Road.
The facility is configured for 14 licensed beds across 8 resident rooms, including 6 double-occupancy rooms (12 Beds) and 2 private rooms (2 Beds). The layout includes a commercial kitchen, community living area and sunroom. The second floor provides two staff quarters, an additional kitchen, and office space. The layout and common areas provide a viable opportunity to include adult day care services, creating an additional revenue stream.
Constructed in 1958 and renovated in 1975, the property is currently undergoing a comprehensive renovation. The building features a concrete slab foundation, Masonry block construction with Stucco exterior, and a wood truss roof with asphalt/composite shingles. HVAC will be centralized and a wet sprinkler fire suppression system. Asphalt surface parking is provided for 18 spaces. Supporting both resident use and adult day care operations. The site is zoned CRO (Commercial / Residential /Office), a flexible mixed-use designation that supports medical and service-oriented uses with strong visibility.
The proposed payor mix includes 2 Medicaid beds, with the remaining position for private pay, VA assistance, and/or insurance reimbursement. Based on market comparables, projected average monthly rate are approximately $3,200 per double-occupied bed and $5,200 per private room.
Value creation is driven by completing renovation, obtaining AHCA licensure, stabilizing occupancy and leveraging supplemental income through adult day care operations and transportation services.
Investment highlights
- DISTRESSED ACQUISITION BASIS: Renovation needs to be completed, creating a below-market entry point for an investor willing to complete the project. The asset can be acquired at a significant discount to stabilized value.
- UNLICENSED — LICENSING UPSIDE: The facility is currently unlicensed pending renovation completion. A buyer who completes the buildout and obtains state licensure effectively creates value unavailable in any turnkey acquisition.
- VALUE-ADD REPOSITIONING PLAY: Estimated renovation cost to complete is approximately $123,500 - $152,700. Once stabilized, the project is projected to achieve high occupancy due to pent up demand.
- AGING POPULATION — STRONG DEMAND: The 75+ population is forecast to grow by 44% over the next ten years, driving long-term demand for senior housing.
- SUPPLY-CONSTRAINED SUBMARKET: Licensed ALF bed supply in Duval County is limited. Licensing barriers to entry, certificate of need requirements, and lengthy approval timelines protect stabilized operators. New construction starts have slowed due to high financing and construction costs.
- CLEAR PATH TO OPERATIONAL VALUE: The renovation is estimated 65% complete. Remaining scope is defined — mechanical, finishes, FF&E. Licensure application follows certificate of occupancy, with estimated stabilization within 6 months of close.
- SENIOR HOUSING MARKET FUNDEMENTALS: Jacksonville's senior housing market continues to benefit from significant in-migration and growing elderly population, expressing the substantial need senior housing. Assisted living remains the most targeted investment types of senior housing.
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