Salem Elderly Living 600 S Hill St

(Price has been reduced due to unique circumstances. Seller financing possible as well. Contact listing agent for more information.)
600 S Hill St is a terrific, fully turn-key, passive income generating senior assisted living facility ("ALF") for sale. The property is currently being managed by an experienced senior living management company that handles all of the day-to-day operations of the property. Keeping current management in place is optional but doing so enables a buyer without prior ALF experience to acquire the property and maintain a seamless transition. This is an ideal opportunity for someone looking to convert their capital into a safe and relatively stress free retirement with strong upside due to inflation and increased demand from a growing senior population.
The property has experienced excellent financial performance and continues to improve. It is located in a rural market with very little competition, only 30 minutes from Sioux Falls and the new Amazon distribution center and associated commercial growth area on the northwest side of Sioux Falls. In addition, the property has been meticulously maintained for its entire life.
The 11,670 SF building sits on a 1.8-acre lot. The 22 units offer assisted living and independent living options. The exterior of the building features a brick and vinyl façade, a covered patio entrance, a circular driveway, and monument signage. On the interior, the building showcases a charming, brick fireplace seating area; a kitchen with multiple ovens, a dishwasher, and a microwave; and an open dining area. The property was also recently renovated with updated interiors in the past three years and new furnaces and air conditioning in the past two years.
600 S Hill St is located just off South Dakota Highway 38 which runs 63 miles from Mitchell to Sioux Falls. This, along with I-90, 7.2 miles away, and US 81, a half-mile away, provides easy travel routes for employees and visitors alike. Salem is a rural, farmland area with local attractions such as Potter's Fields Pheasant Hunting and McCook Country Club. However, it also has almost all of its population situated alongside each other in the heart of the city providing a sense of community and connectedness. 600 S Hill St is in that densely populated area as it is less than a half-mile from city hall. Dollar General is less than a half-mile away for shopping needs and Backroads Steakhouse is diagonal from the property.
18% of the population in the area is 65 and older, providing a wealth of new potential residents. $20,602,559 is spent annually in a 5-mile radius with over $3 million of that spent on the household and over $1 million on health care. The top employment sectors in the area are education and health services; trade, transportation, and utilities; and public administration.
Property tours are available by appointment only. Please contact the listing broker to schedule.