养老/辅助生活设施投资完全指南

80-unit IL：RevPOR $2,500–$4,000/mo，occupancy 90%，NOI $1.6M–$2.2M，cap 6%–7% → value $23M–$37M。AL 同规模 RevPOR $4,500–$6,500/mo but staffing OpEx 50%–60% of revenue。

MC 60-unit：build $250–$350/sf，RevPOR $6,000–$8,000/mo，cap 7%–8.5%。SNF Medicaid-heavy → reimbursement risk，cap 8%–9%+ but operational complexity highest。

NNN AL facility：tenant operator pays 100% OpEx，landlord NOI $800K/yr on $12M basis → cap 6.7%。Operator default = 100% rent loss until backfill（6–18 mo）。

RIDEA structure（own OpCo + PropCo）：capture operational upside but staffing/regulatory risk。Welltower/Ventas REIT stock：liquidity + diversification，cap equivalent 5%–7% implied。Direct NNN：1031 eligible，control over asset。

State survey deficiency 可 trigger stop-admit order → occupancy 从 92%→75% in 90 days。Staffing cost $18–$28/hr × 1:8 ratio on 80-unit AL = labor $2.5M–$3.5M/yr（50%–60% revenue）。

Acquisition DD：request 3 yr state survey history, complaint log, staffing turnover rate（>40%/yr = red flag）。License transfer may require 60–90 day state approval — delay closing timeline。

80-unit AL：RevPOR $5,000/mo × 80 × 88% = monthly revenue $352K，annual $4.2M。OpEx 55% → NOI $1.9M，cap 7% → value $27M（$337K/unit）。

Below 80% occupancy → investigate operator, competition, or care quality。New AL build $200–$350/sf，80-unit 60K SF = $12M–$21M development cost。RevPAF useful for comparing same care level assets。

SNF Medicaid mix 60%–80%：state rate cut 3%–5% → NOI -2%–4% immediately。Medicare PDPM covers post-acute max ~100 days — census mix shift affects revenue $200–$400/patient/day spread。

Private-pay IL/AL：rate increases 3%–5%/yr typical，less reimbursement risk。MC private pay 90%+ — preferred by lenders and institutional buyers。Diversify: target assets with <30% Medicaid unless deep discount compensates。

A&M (Abuse & Molestation) insurance：$1M–$5M limits standard for AL/MC。Claim without coverage → $500K–$5M+ out-of-pocket。GL + professional liability + property — total insurance $50K–$200K/yr for 80-unit AL。

Exit：stabilized 90%+ occupancy NNN to Welltower/Ventas/PE → cap 6%–7.5%。Operator distress → cap expansion 100–200 bps or illiquid。1031 eligible on NNN real estate sale。