The Palm Retirement Center is a rarely offered 144 Bed Assisted and Memory Care facility located in Fullerton, California. The residential care facility (RCFE) consists of 108 assisted living beds and 36 memory care beds situated in separate wings. Amenities include a large dining hall and commercial kitchen, laundry facility, recreation rooms, library, salon, and two outdoor courtyards. The 34,000 SF facility is situated on a 40,750 SF lot and has been a home for assisted living residents since 1977.
The Property is being offered a 6.3% cap rate on current income at 9% vacancy with major upside in rents and potential added value. Current ownership is a low budget "mom and pop" operation with substantially below market rents. According to the 2019 Genworth Cost of Care Survey, the average cost of assisted living per resident in the Los Angeles Metro Market is $4500 a month. Through modernization and professional management, an investor can acquire this asset and achieve significant upside in cash flow and value.