North Idaho Memory Care
A Stabilized 48-Unit Memory Care Community Located in Kootenai County, Idaho
Asset Overview
Deal Points
- Care Type Memory Care
- Year Built 2006 | 2012
- Total Units 48
- Building Size 26,031 SF
- Lot Size 2.06 Acres
- Current Occupancy 87.75%
- T12 Revenue 3,459,148
The Opportunity
The Zett Group, as exclusive listing broker, is pleased to present The North Idaho Memory Care, a 48-Unit Memory Care community located in the rapidly growing Kootenai County.
Originally built in 2006 and well-maintained since it’s opening, the 26,031 square-foot building offers residents an abundant amount of space both inside and out, with serene courtyards, well-lit common areas with tall ceilings, and private rooms. Residents have 8 different floor plans to choose from, all with private half-baths and some with private full-baths.
North Idaho Memory Care has been performing at a high level going back to 2023. Currently operating at a 23% operating margin resulting in an $805k T12 NOI, the future operator will be stepping into a stabilized operation. The community also has a high private pay %, with about 84% of residents relying on private funds instead of lower and less reliable Medicaid Reimbursement funds provided by the State. Operators will also have the opportunity to add value through modest occupancy growth.
North Idaho Memory Care is located a growing city of North Idaho, and just 30 minutes from one of the hottest real estate markets in the nation in Coeur d’Alene, ID. The city is seeing rapid real estate development and population development, and future investors will reap the benefits on both the operational value side and real estate value side. It's population has surged more than 25% in the past 3 years, a great signal to future operators that this community is located in a market that will maintain demand for the years to come. Not to mention, North Idaho Memory Care in a 15 minute radius.
This stabilized asset represents a compelling opportunity for experienced operators and investors to maintain operational efficiency while adding value through occupancy increases. With the foundation of solid revenue, a well-maintained physical plant, and a growing surrounding market, North Idaho Memory Care is poised to generate excellent returns during the hold period and excellent proceeds upon exit of this asset.
