56 BED RETIREMENT-DOM* HOME - REGION OF WATERLOO - $3,800,000

Generic photo to protect the privacy of residents

 

This purpose built 41-suite retirement home has full en-suite bathroom in each suite. Suites are designed for double occupancy if required. This facility has the financial security of a Regional Government contract to supply Housing with Support.

The Region provides $36,000 per month irrespective of how many beds are occupied to supplement the residents’ own money from ODSP, OAS, CPP and other sources of guaranteed income. 45 beds are reserved for the Region with an income of approximately $958,000. This turn key operation is fully staffed with an administrator who has been operating the facility for decades. The current owner visits premises every 2 weeks.

The remaining 11 suites are reserved for non-subsidized residents paying $2,200 per month for a private suite for a yearly income of $264,000. The gross income is approximately $1,300,000 per annum, with a net income of $400,000.

*Domiciliary Hostels are now known as Housing with Support

 

Buyer must have 3+ years experience operating a Care Home facility to qualify for the contract with the Region of Waterloo. 

 

2018 PROFORMA
MILLWOOD MANOR
41 suites; 45 subsidized residents; 11 private RHRA residents
   
REVENUE  
     Subsidized residents (ODSP, Pensions etc) $551,592.00
     Regional Annual Subsidy $492,000.00
     Private Residents (11@$2,000/month) $264,000.00
TOTAL ANNUAL REVENUE $1,307,592.00
   
     Less Food Costs $122,000.00
GROSS PROFIT $1,185,592.00
   
EXPENSES (based on 2013 f/s number - 2.5 years ago)  
     Business taxes, Licenses and Memberships $2,000.00
     Employee Benefits $24,000.00
     Insurance $12,642.00
     Interest & Bank Charges $600.00
     Medical Fee (Dr. Fee) $3,000.00
     Professional Fee $2,500.00
     Promotions & Office Expenses (trust account - resident activity
     fund, office expense etc
)
$50,000.00
     Property Taxes $30,000.00
     Repairs & Maintenance (includes handyman and janitorial
     supplies
)
$75,000.00
     Salaries and Wages $610,000.00
     Telephone and Communication $5,000.00
     Utilities $100,000.00
TOTAL EXPENSES $914,742.00
   
NET INCOME $270,850.00
     Pharmacy Income $30,000.00
TOTAL INCOME $300,850.00
   
Note: Based on Information provided by Seller. Buyers must verify all information.