Skilled Nursing Facility
A 58,295 sq. ft., 153 bed skilled nursing facility constructed in 1982.
Altus Group appealed and reduced the assessed value from $21.3 million to $15.8 million, resulting in savings of $215,054 over 3 years.
An 11% vacancy and collection loss was applied to arrive at an effective gross income of $15,010,019. An 82% expense factor was entered, ending with a net operating income (NOI) of $2,701,803. A base capitalization rate was chosen at 11%, which was tax-loaded by an ETR of 1.626% — for a total capitalization of 12.626%. The NOI was divided by the total cap rate for a value of $21,391,900, or $139,816 per bed.
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Last updated on July 29th, 2019 at 05:40 pm