Dave Balow and Patrick Byrne of Senior Living Investment Brokerage closed the sale of a small (and we mean very small) skilled nursing facility in Rochester, New York. Featuring just 28 beds, the facility has maintained a strong reputation in the community and boasts strong occupancy at 93%, with a quality mix of 38%. Those are some good numbers.
However, the facility, which was built in 1964 and 1984, was operating just below breakeven on $1.97 million of revenues. Its private owner had decided to exit the industry, prompting a New York-based owner to step in and acquire the facility for $950,000, or $33,900 per bed. The deal is part of a larger growth strategy for the buyer in the Rochester area.