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ELIZABETHAN MANOR

OFFERING MEMORANDUM

PRESENTED BY TONY CASSIE & SAM THOMPSON

44882 MISSION ROADPENDLETON, OR 97801

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from

Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has

been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no

warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size

and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and

Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or

intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to

be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any

investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified

in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement

by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of

providing tenant lessee information about this listing to prospective customers.

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of

any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its

affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant

lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

TABLE OF C O N T EN T S PRESENTED BYWEST COAST SENIORS HOUSING

TONY CASSIENational Seniors Housing GroupPortland OfficeDirect (503) 200-2068Cell (503) [email protected] OR 200506094License WA 105227

SAM THOMPSONNational Seniors Housing GroupPortland OfficeDirect (503) 200-2026Cell (971) [email protected]: OR 201216505

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INVESTMENT OVERVIEW

FINANCIAL ANALYSIS

PROPERTY INFORMATION

RENT COMPARABLES

SALES COMPARABLES

INVESTMENT OVERVIEW

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap

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I N V E S T M E N T O V E R V I E W

BIDDING PROCESS

OFFER DUE DATETHURSDAY MAY 31, 2018

PRICINGThe Seller reserves the right to accept or reject all bids.

OFFERSEach offer shall include the following:

• Purchase Price

• Due Diligence Period

• Closing Date

• Proposed Operator

• Company Profile and Industry Experience

• Capital Source

• Familiarity with the Region and Licensure Process

CONFIDENTIALITYThis opportunity is highly confidential. All personnel related to your organization are bound

by the confidentiality agreement that you have executed and they shall not disclose any

information related to the marketing or potential sale of these assets. The employees or

residents at these facilities are not to be contacted or notified of this potential sale. All

communications should be directed to the West Coast Seniors Housing Team of Marcus &

Millichap. Do not contact the Owner of these assets, unless directed to by one of our agents

representing the owner.

INFORMATION IN ONLINE DATA ROOM

• Offering Memorandum (“OM”)

• Profit and Loss Statements

• Rent Roll & Census Information

• Property Photos

TOURSTours may be provided to select groups after first round letters of intent have been

collected.

PLEASE DO NOT MYSTERY SHOP THIS ASSET.

MARCUS & MILLICHAP | WEST COAST SENIORS HOUSINGPlease direct all questions and data requests to the West Coast Seniors Housing Group.

Please find contact information below:

Tony CassieDirect: (503) 200-2068Cell: (503) 816-7605

[email protected]

Sam ThompsonDirect: (503) 200-2026Cell: (971) 506-9793

[email protected]

I N V E S T M E N T O V E R V I E W

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EL IZABETHAN MANORThe West Coast Seniors Housing Team of Marcus & Millichap is pleased to present this Offering Memorandum (“OM”) for Elizabethan Manor, a 34-unit assisted living facility in Pendleton, Oregon.

Investment Highlights:• Value Add Opportunity: As an Assisted Living Center, Elizabethan Manor is currently only 68%

occupied. An opportunity exists for a new operator to improve occupancy, revenue and income.

The pro forma contemplated herein is based on 95% occupancy and a 15% operating margin,

representing the additional of nine residents to the average daily census.

• Conversion Opportunity: Potential alternative uses include: housing, veterans or homeless

supportive services, residential or behavioral treatment or hospitality.

• Expansion Opportunity: The existing building sits on 3.71 acres, which could be used to add unit

capacity to the existing structure or be redeveloped entirely.

• Improving Demographics: The average household income within a 5-mile radius of the subject

property is $63,757.

VALUATION OVERVIEW

Total Units 34

Total Licensed Beds 50

Pro Forma EBITDAR $140,552

INVESTMENT OVERVIEW

L IST PRICE:

REQUEST FOR BID

FINANCIAL ANALYSIS


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F I N A N C I A L A N A L Y S I S

UNIT MIX CARE TYPE UNIT TYPE BASE RENT

AL Studio $2,177

AL Large Studio $2,437

AL Studio - Private Bath $2,286

AL Lg Studio - Private Bath $2,546

TOTAL

FINANCIAL SUMMARY

CARE SUMMARY

Type of Care Assisted Living

Total Units 34

Total Licensed Beds 50

Number of AL Units 34

Occupancy 68%

Quality Mix (2017) 18%

68%OCCUPIED

OCCUPANCY

Occupied

Available

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F I N A N C I A L A N A L Y S I S

INCOME & EXPENSES

OCCUPANCY CURRENT - 2017 PRO FORMA

Available Units 34 34

Occupied Units 23 32

TOTAL OCCUPANCY 68% 95%

REVENUE ANALYSIS CURRENT - 2017 PRO FORMA

Private Pay $125,683 $187,047

Medicaid $629,411 $617,757

Medicare $11,760 $24,898

Level of Care - Private $72,501 $107,315

Other Revenue $250 --

TOTAL REVENUE $839,605 $937,016

EXPENSE ANALYSIS CURRENT - 2017 PRO FORMA

Nursing Services $284,132 $190,851

Promotional & Marketing $6,483 $4,355

Plant & Maintenance $126,291 $84,829

Dietary $113,005 $103,123

Laundry $9 $8

Housekeeping $14,541 $13,269

Activities $16,306 $14,880

Benefits $91,019 $83,059

Administrative & General $193,481 $176,561

Insurance & Taxes $27,527 $25,120

TOTAL OPERATING EXPENSES $872,788 $796,464

EBITDAR ($33,183) $140,552

OPERATING MARGIN (4%) 15%

ANALYSIS COMMENTARY

CURRENTThe current is based on actual 2017 revenues and expenses

PRO FORMAThe pro forma assumes 95% occupancy and a 15% operating margin

PROPERTY OVERVIEW


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P R O P E R T Y I N F O R M A T I O N

PROPERTY DETAILS

FEATURED AMENITIES

HOUSEKEEPING

PROPERTY LOCATIONFacility Name Elizabethan Manor

Property Address 44882 Mission Rd, Pendleton, OR 97801

Property County Umatilla

Parcel Number(s) 105839

PROPERTY SUMMARY

Year Built 1959

Total Square Footage Approx. 30,000

Number of Buildings 1

Number of Stories 1

Total Lot Size (Acres) 3.71 AC

PET FRIENDLY3 MEALS DAILY

• Assistance with Daily Activities

• Medication Management

• Short-term Retreat Stays

• Coordinated Home Health Services

• Social Events Calendar & Activities

• Close Proximity to Shopping & Medical Clinics

• Variety of Floor Plans

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LOCAL & REGIONAL MAPS

LOCAL MAPPendleton, OR

REGIONAL MAPUmatilla County

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PARCEL MAP

LOCAL HOSPITALSName St. Anthony Hospital

Address 2801 St Anthony Way

City, State Pendleton, OR

Distance from Subject 5.9 Miles

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DEMOGRAPHIC DATA

5-MILE RADIUS DEMOGRAPHIC HIGHLIGHTS

$63,021AVERAGE HOUSEHOLD INCOME

20,321TOTAL POPULATION (2017)

2.32%POPULATION GROWTH FROM 2010 TO 2022

$

HOUSEHOLD INCOME 65-75 2010 2017 2022*$ 0 - $19,999 120 152 153

$ 20,000 - $39,999 239 303 287

$ 40,000 - $59,999 242 265 253

$ 60,000 - $74,999 139 152 204

$ 75,000 - $99,999 83 121 173

$100,000 - $124,999 25 32 54

$125,000 - $149,999 15 32 55

$150,000+ 9 17 32

HOUSEHOLD INCOME 75+ 2010 2017 2022*$ 0 - $19,999 343 356 301

$ 20,000 - $39,999 262 244 233

$ 40,000 - $59,999 89 110 124

$ 60,000 - $74,999 35 37 54

$ 75,000 - $99,999 106 88 120

$100,000 - $124,999 23 21 28

$125,000 - $149,999 21 26 43

$150,000+ 17 27 48

POPULATION 1-MILE 5-MILE 10-MILE2010 Census 1,185 20,026 21,365

2017 Estimate 1,189 20,321 21,682

2022 Projection 1,156 20,490 21,867

Growth Estimate 2000 - 2010 -0.26% -0.64% -0.68%

Growth Projection 2017 - 2022 0.29% 0.83% 0.86%

Daytime Population 797 22,456 23,745

2016 Population 65 - 75 10.3% 8.4% 8.5%

2016 Population 75+ 7.2% 6.6% 6.7%

HOUSEHOLD 2010 2017 2022*Total Households 7,431 7,475 7,617

Age 15 - 24 477 431 428

Age 25 - 34 1,040 1,012 1,045

Age 35 - 44 1,188 1,129 1,138

Age 45 - 54 1,456 1,378 1,311

Age 55 - 64 1,503 1,540 1,531

Age 65 - 74 872 1,074 1,212

Age 75+ 895 910 952

*2022 data is a projection

SALES COMPARABLES


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S A L E S C O M P A R A B L E S

SALES COMPARABLES

SALES COMPARABLES - PRICE PER SF

Average $37.63

$37.32 $39.90

$30.83

$23.85

$56.26

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

Grace Place Rugged Country Lodge Retail on 18th St The Green TreeApratments

Retail on Jefferson Ave

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SALES COMPARABLES

ELIZABETHAN MANOR (SUBJECT)44882 Mission RoadPendleton, OR 97801

1. GRACE PLACE 380 NW 6th Avenue,Estacada, OR 97023

2. RUGGED COUNTRY LODGE1807 SE Court AvenuePendleton, OR 97801

Close of Escrow --

Bldg. Type Assisted Living

List Price Request for Bid

Total Units 34

Price/Unit --

Total SF ~30,000

Price/SF --

Year Built 1959

Close of Escrow 3/26/2018

Bldg. Type Assisted Living

Sale Price $800,000

Total Units 30

Price/Unit $26,667

Total SF 21,437

Price/SF $37.32

Year Built 1996


Bldg. Type Hospitality Building

Sale Price $417,000

Total Units 29

Price/Unit $14,379

Total SF 10,450

Price/SF $39.90

Year Built 1961

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SALES COMPARABLES

3. RETAIL BUILDING117-129 SW 18th StreetPendleton, OR 97801

4. THE GREEN TREE APARTMENTS2310 East Q AvenueLa Grande, OR 97850

5. RETAIL BUILDING911 Jefferson AvenueLa Grande, OR 97850


Bldg. Type Retail

Sale Price $325,000

Total Units N/A

Price/Unit N/A

Total SF 10,540

Price/SF $30.83

Year Built 1961


Bldg. Type Multifamily

Sale Price $1,150,000

Total Units 64

Price/Unit $17,969

Total SF 48,210

Price/SF $23.85

Year Built 1978


Bldg. Type Retail

Sale Price $289,900

Total Units N/A

Price/Unit N/A

Total SF 5,152

Price/SF $56.26

Year Built 1959

ELIZABETHAN MANOR44882 MISSION ROADPENDLETON, OR 97801

PRESENTED BYWEST COAST SENIORS HOUSING

TONY CASSIENational Seniors Housing GroupPortland OfficeDirect (503) 200-2068Cell (503) [email protected] OR 200506094License WA 105227

SAM THOMPSONNational Seniors Housing GroupPortland OfficeDirect (503) 200-2026Cell (971) [email protected]: OR 201216505

elizabethan manor - loopnet...investment overview this information has been secured from sources we...

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