Multi-Family Space For Lease @ 121 S 5th St

Kelly House is a retirement and assisted living community in Evansville, Wisconsin. Conveniently located 30 minutes south of Madison, this campus includes independent retirement duplexes, assisted living apartments and assisted living rooms. As residents age and their needs progress, they can transition from independent to assisted living in a cozy loving home with support services and close supervision, if needed.
The main building has a 9-unit RCAC (Residential Care Apartment Complex) and a connected 8-unit CBRF (Community Based Residential Facility) for a total of 17 licensed beds. In addition, there are 2 separate Independent Senior Living duplexes (Age 55+) on the property that sit adjacent to the CBRF & RCAC building. All 4 of these IL (Independent Living) units have 1,150 square feet, 2 bedrooms, 1.5 bathrooms, laundry, and 1 car garage. They currently have a waiting list for these units.
The community has been family owned and operated for 34 years. The owners recently retired and the children are running the day to day operations. The main building has a full sprinkler & alarm system and nurse call system. There are 2 HVAC systems, one servicing the common areas and one servicing the resident rooms. Two water heaters and a water softener system. A new elevator was installed in 2022. There is also a laundry room and beauty salon. It's a peaceful setting with an outdoor deck, pond, and sitting areas.
Current occupancy is over 80% and monthly revenue is over $60,000. With a great reputation and loyal staff, this is a turnkey business. Value-Add opportunity with the ability and upside to increase the rates and occupancy over time. This space offers accomodations for: senior living.