Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2110/ Marcus & Millichap is pleased to present for sale the fee simple interest in Bethany Care Center, a vacant 57-unit/66-bed assisted living facility located at 2309 Hayes St NE and 2306 Garfield Street NE in Minneapolis, Minnesota (the “Property”). This offering provides an opportunity to acquire a well-positioned healthcare facility with significant potential for redevelopment or conversion to residential use. Constructed in 1960 and 1975, the Property spans two adjacent parcels totaling 1.16 acres and features a two-story building and a four-story building, together comprising 35,049 square feet. The facility includes 57 units (41 skilled nursing rooms, 16 assisted living apartments) with a total of 66 beds. The Property is situated in Northeast Minneapolis with excellent visibility, accessibility, retail amenities, and dense demographics. The area is characterized by its blend of industrial heritage and modern urban living, with former warehouses and factories now repurposed into lofts, studios, breweries, and creative workspaces. The neighborhood has seen a resurgence of young professionals and families, driving demand for thousands of new multifamily units over the past several years. This growth has attracted taprooms, distilleries, restaurants, and creative office spaces, making Northeast one of Minneapolis’s most sought-after neighborhoods. The Property is just a few blocks from major thoroughfares, including NE Lowry Avenue (±11K VPD), Johnson St NE (±11K VPD), and Central Ave NE (±12K VPD). Additionally, it sits less than a mile from the major interchange of Interstate 35W (±87K VPD) and Johnson St NE, providing easy access to the entire Minneapolis metro area. The Property benefits from an amenity-rich location, bolstered by nearby industrial properties and The Quarry Shopping Center (±1 Mile), which features national retailers such as Home Depot, Target, Cub Foods, Office Depot, PetSmart, and more. As of 2023, approximately 148,552 individuals with an average household income of $90,370 reside within a 3-mile radius, and around 425,321 individuals with an average household income of $84,046 live within a 5-mile radius. The population has experienced an 18.67% growth from 2010 to 2023, with an additional 2.00% growth expected through 2028.