Marcus & Millichap Sells Bethesda at Longwood Assisted Living Care Center for $5M

TAMPA, FL – The sale of Bethesda at Longwood Assisted Living Care Center (top right photo) was announced by Steven M. Ekovich, First Vice President and Regional Manager for the Tampa, Florida office of Marcus & Millichap Real Estate Investment Services.

The property sold for $5,000,000 to Mr. & Mrs. Bagsiyao, private investors based out of Kissimmee, Florida. The seller, Mr. Neil Buck has owned the property since 2003. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa office represented the seller in the transaction.

Bethesda at Longwood is located at 480 East Church Street in Longwood, Florida. The facility is licensed for 90 beds and has 80 units, of which 17 units and 34 beds are devoted to memory care. Originally built in 1969, the facility suffered widespread damage during the 2005/06 hurricane season.

Forty percent of the building was renovated, with the remaining 60% being remodeled at the same time. Mr. & Mrs. Bagsiyao have extensive experience in operating this type of facility and are currently operating facilities in Florida, New Jersey and New York. The sales price of $5,000,000 represents $62,500 per unit, $55,555 per bed and $135.00 per square foot with a cap rate of 9.6%.

Contacts:
Sue Sampson
Brokerage Administrator/CAST
Marcus & Millichap
7650 Courtney Campbell Causeway
Suite 920
Tampa, FL. 33607
Phone: (813) 387-4700
Fax: (813) 387-4710

Steven M. Ekovich

Marcus & Millichap

813 387 4700