Glade Avenue Assisted Living

Address: 2500 N. Glade Avenue, Bethany, Oklahoma, US

Texas + Apartments

Created date: September 5, 2023

Date last updated: September 5, 2023

Strong upside potential through repositioning and further lease-up.
One of the few facilities in Oklahoma that is approved to accept Medicaid Advantage Waiver residents.
The facility is centrally located in close proximity to major traffic arteries, such as NW 39th Expressway, John Kilpatrick Turnpike, and Interstates 40 and 44.
The size and layout of the facility in two independent buildings offers many flexible operating models and many different operating options in order to maximize operating profits.
Pricing expectations are well below replacement cost.

Property Description

Plains Commercial Real Estate is pleased to exclusively offer for sale Glade Avenue Assisted Living in Bethany, Oklahoma. Glade Avenue Assisted Living offers investors a unique value-add opportunity within the Oklahoma City MSA. The offering provides investors an opportunity to get into the tight Oklahoma City market at well below replacement cost. Glade Avenue Assisted Living is two buildings that were built in 1990 and 1996 respectively. The properties are located adjacent to one another but are not physically connected. The facility has had approximately $1,000,000 spent on renovations in the last 2 years. Most of the cap ex has been spent behind the walls and includes a new fire suppression sprinkler system in the north building, many HVAC upgrades and replacements, flooring and paint, etc. Sold as a portfolio, these neighboring assisted living buildings are situated on 9.14 acres combined. Glade Avenue Assisted Living offers a total of 110 units with 188 licensed beds and approximately 91,709 SF. Glade Avenue is located in the community of Bethany, OK, a suburb of Oklahoma City, near Historic Route 66 and in the northwest corner of Oklahoma City. Bethany is approximately a 15 minute drive from the CBD of Oklahoma City with easy access to all parts of the City via I-44 and I-40. Bethany is home to Southern Nazarene University, The Children’s Center rehabilitation hospital, as well as Wiley Post Airport, which is the primary airport within the Oklahoma City MSA for private flights.

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