Vacant Senior Housing with Upside

Blueprint is pleased to North Strabane Retirement Village, a 64-unit (70-bed) vacant assisted living community located in Canonsburg, Pennsylvania, approximately 13 miles southwest of Pittsburgh. The community was strategically taken offline following operational challenges brought on brought on by the pandemic, but previously exhibited strong proof-of-concept as senior living and contains a layout conducive to a wide range of healthcare services moving forward. Additionally, the community once served as an excellent feeder to adjacent North Strabane Rehabilitation & Wellness Center, a 62-licensed-bed skilled nursing facility that shares a campus with the subject. This unlicensed community can potentially be relicensed as either assisted living or personal care moving forward.

Just a 20-minute drive due south of Downtown Pittsburgh via Interstate 79, the subject benefits from a prime location in close proximity to several large retail and mixed-use developments featuring anchor tenants, including Walmart Supercenter, The Home Depot, Target, and Costco, among others. Additionally, the subject is also located close to several large regional hospitals, including Canonsburg Hospital and Southwood Hospital, which both can provide a diverse stream of referrals to the subject moving forward.

Built in 2001, the 49,680-square-foot community in its current configuration features six semi-private, 25 studio units, and 33 larger one-bedroom units for a grand total of 64. Resident units range in size from 135 to 342 square feet, and all feature a private bathroom. The community is maintained to institutional standards by current ownership with a consistent regimen of routine/deferred maintenance and capital expenditures in recent years and features a plethora of amenities alongside commercial kitchen & laundry capabilities. The asset also benefits from strong local demand demographics with high surrounding property value and income levels and sustained local senior population growth, with an extremely limited number of existing senior living supply within the immediate area surrounding the subject.

Accordingly, assuming average market rents of ˜$4,440 (in line with competitive asking rates recently mystery-shopped by Blueprint) and stabilized 90% occupancy, Blueprint estimates an incoming investor can realize ˜$3.2 million in incremental revenue through the successful lease-up of the AL component, representing significant and attainable upside to be realized. The offering presents an attractive acquisition for a wide range of investor profiles seeking senior living real estate in a high-demand/growth Mid-Atlantic submarket for well below replacement value. The property is being offered for outright sale without a defined asking price, and unencumbered by any property-level mortgage debt.

Property tours are available by appointment only. Please contact the listing broker to schedule.