Investment Overview

The Village at Allandale is a three-building memory care and assisted living campus located at 100 Strickland Court in Kingsport, Tennessee. Built in 2003 and 2010, the 30,816-square-foot campus sits on 5.86 acres and includes 42 rooms configured for 76 functional beds, with a state license for 78 residents. Virginia's Garden and Yesterday's Place provide secured memory care, while Margie's Meadow provides assisted living. The community is staffed, licensed and operating with significant available capacity. The August 2026 census included 42 residents and 21 open beds, while the most recent October 21 census reported 39 residents. Trailing twelve-month operating revenue totaled $2,238,482 against $2,554,434 in operating expenses, resulting in current negative NOI. Seventeen residents were enrolled in TennCare CHOICES as of the August census, with the remaining residents primarily private pay. The value-add opportunity centers on increasing occupancy and capturing higher private-pay rates. New-admission rates range from $4,000 to $4,200 for semi-private accommodations and $5,500 to $6,200 for private accommodations. At full 76-bed occupancy, scheduled rent is approximately $3.72 million annually, while moving existing private-pay residents to current rate-card pricing represents approximately $117,000 in additional annual scheduled rent. The campus is located within a Qualified Opportunity Zone and is offered at $3,000,000, approximately 67.5% of the $4,444,400 2025 county tax appraisal. The offering includes the real estate and operating business together. Tennessee Assisted Care Living Facility License 239 does not transfer with the sale, requiring a buyer to apply under its own entity name.