Do assisted living facilities for sale include the real estate?
Direct answer
Not always. An assisted living sale can include the real estate and the operating business together, the operating business only (with the buyer leasing the building), or the real estate only (leased to an operator). Each listing should say which structure is being sold, and the difference changes price, financing, licensing and taxes.
What to know
Real estate and operations together is the most familiar structure: the buyer takes the building and the business, and the new operator is licensed through the state's change-of-ownership process.
In an operations-only sale, the buyer acquires the business and signs or assumes a lease. Financing and value then depend on the lease terms as much as the operations.
In a real-estate-only sale, the buyer owns the building and collects rent from a licensed operator, often on a triple-net lease where the operator pays taxes, insurance and maintenance.
For sellers, the split also matters for taxes. Only the real estate portion can go into a 1031 exchange, and the purchase price allocation sets how much gain can be deferred.
How Haven helps
Haven explains the structure of every opportunity up front and helps buyers and sellers decide which one fits. Browse our current senior housing listings.