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2826 E Karen Dr - 104-Bed Behavioral Health Campus 29,134 SF Health Care Building Offered at $15,736,041 CAD at a 13.53% Cap Rate in Phoenix, AZ 85032
Investment Highlights
- Single-parcel configuration offers 21 townhomes plus a 10-bed assisted living home, creating streamlined acquisition and management
- Located within Metro Phoenix, one of the fastest-growing U.S. markets with a clear supply-demand gap for licensed behavioral health beds
- Approachable basis of approximately $108,650 per licensed bed under proposed licensure model.
- Limited availability of behavioral health pathways creates genuine barriers to entry, enhancing long-term investment security
- Current income stream of over $604,000 annually provides durable returns during conversion planning
Executive Summary
**104-Bed Behavioral Health Campus Opportunity**
Rare value-add opportunity to acquire a campus-style behavioral health asset with **DHS approval **and capacity for up to **104 beds**. The property includes **52 units spread across multiple buildings on one campus**, offering a flexible layout ideal for assisted living, behavioral health, residential treatment, sober living, or specialty care operations.
Currently unlicensed, the property gives a new owner/operator the ability to activate, reposition, and scale the asset around their preferred care model. With existing approval, strong bed capacity, and a multi-building campus configuration, this is a compelling opportunity for an experienced operator seeking immediate healthcare real estate upside.
Rare value-add opportunity to acquire a campus-style behavioral health asset with **DHS approval **and capacity for up to **104 beds**. The property includes **52 units spread across multiple buildings on one campus**, offering a flexible layout ideal for assisted living, behavioral health, residential treatment, sober living, or specialty care operations.
Currently unlicensed, the property gives a new owner/operator the ability to activate, reposition, and scale the asset around their preferred care model. With existing approval, strong bed capacity, and a multi-building campus configuration, this is a compelling opportunity for an experienced operator seeking immediate healthcare real estate upside.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$4,344,818
|
$149.13
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$217,241
|
$7.46
|
| Effective Gross Income |
$4,127,578
|
$141.68
|
| Taxes |
$50,222
|
$1.72
|
| Operating Expenses |
$1,948,270
|
$66.87
|
| Total Expenses |
$1,998,491
|
$68.60
|
| Net Operating Income |
$2,129,086
|
$73.08
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $4,344,818 |
| Annual Per SF | $149.13 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $217,241 |
| Annual Per SF | $7.46 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $4,127,578 |
| Annual Per SF | $141.68 |
| Taxes (CAD) | |
|---|---|
| Annual | $50,222 |
| Annual Per SF | $1.72 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $1,948,270 |
| Annual Per SF | $66.87 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $1,998,491 |
| Annual Per SF | $68.60 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $2,129,086 |
| Annual Per SF | $73.08 |
Property Facts
| Price | $15,736,041 CAD | Building Class | B |
| Price Per Bed | $151,308 CAD | Lot Size | 2.00 AC |
| Sale Type | Investment or Owner User | Building Size | 29,134 SF |
| Cap Rate | 13.53% | No. Beds | 104 |
| Property Type | Health Care | No. Stories | 2 |
| Property Subtype | Rehabilitation Center | Year Built | 2019 |
| Zoning | C-T | ||
| Price | $15,736,041 CAD |
| Price Per Bed | $151,308 CAD |
| Sale Type | Investment or Owner User |
| Cap Rate | 13.53% |
| Property Type | Health Care |
| Property Subtype | Rehabilitation Center |
| Building Class | B |
| Lot Size | 2.00 AC |
| Building Size | 29,134 SF |
| No. Beds | 104 |
| No. Stories | 2 |
| Year Built | 2019 |
| Zoning | C-T |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 214-57-051 | Total Assessment | $494,401 CAD (2025) |
| Land Assessment | $0 CAD (2025) | Annual Taxes | $50,222 CAD ($1.72 CAD/SF) |
| Improvements Assessment | $0 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
214-57-051
Land Assessment
$0 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$494,401 CAD (2025)
Annual Taxes
$50,222 CAD ($1.72 CAD/SF)
Tax Year
2026
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2826 E Karen Dr - 104-Bed Behavioral Health Campus
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