Specialized appraisals for senior care facilities, memory care communities, and skilled nursing properties. We understand the regulatory, operational, and financial complexities that make senior housing valuation uniquely challenging.
The senior housing sector sits at the intersection of real estate, healthcare, and hospitality. With approximately 10,000 Americans turning 65 every day, demand for assisted living, memory care, and skilled nursing facilities is projected to grow substantially over the coming decades. This demographic tailwind has attracted significant institutional investment, but the sector's regulatory complexity and operational intensity require specialized valuation expertise.
Assisted living facilities are not simply multi-family properties with older residents. They are licensed healthcare operations with specific staffing requirements, regulatory oversight, care-level pricing models, and liability considerations that fundamentally affect both income potential and risk profile. A credible appraisal must address all of these dimensions.
UnionMetric's assisted living appraisals integrate real estate valuation with detailed operational analysis. Senior housing appraisals require specialized income approach analysis reflecting the bundled revenue model. Our income approach begins with census and acuity analysis—understanding not just how many beds are occupied, but the care levels of current residents and the corresponding revenue per resident per day or month.
We analyze the facility's rate structure across care levels (independent living, assisted living, memory care, skilled nursing where applicable), including base rates, care-level surcharges, and ancillary charges for additional services. Revenue is modeled based on stabilized census assumptions appropriate to the facility's market position, competitive set, and historical performance.
Expense analysis focuses heavily on staffing—typically the largest cost component at 50-60% of revenue. We evaluate staffing ratios against regulatory requirements and industry benchmarks, assess management quality and depth, and normalize for any operational inefficiencies. Other key expense categories include food service, facility maintenance, liability insurance, regulatory compliance costs, and marketing.
State licensing requirements significantly affect assisted living facility operations and value. Licensing determines the types of residents that can be served, required staffing ratios, physical plant requirements, and ongoing compliance obligations. Our appraisals address the specific regulatory framework in each state where the subject property operates.
We also consider the facility's compliance history, any citations or deficiencies, and the potential for regulatory changes that could affect operations. For Medicaid-certified facilities, we analyze the payer mix and its implications for revenue stability and rate adequacy. Medicare reimbursement analysis is included for skilled nursing components.
Our market analysis for senior housing appraisals examines the competitive supply of beds within the relevant market area, demographic projections for the age 75+ population (the primary demand cohort for assisted living), household income levels and ability to pay private rates, planned competitive supply and its impact on absorption, and the penetration rate of assisted living within the market.
We utilize industry data from NIC (National Investment Center for Seniors Housing & Care), state licensing databases, and proprietary research to benchmark the subject property against its competitive set and broader market trends.
UnionMetric provides assisted living and senior care appraisals for healthcare-focused lenders (including HUD/FHA, Fannie Mae, and Freddie Mac programs), commercial banks, private equity firms, REITs, and owner-operators. Our team has specific experience with the lending requirements and reporting formats used in senior housing finance.
From standalone assisted living communities to campus-style continuing care retirement communities (CCRCs), we have the expertise to deliver accurate, well-supported valuations for this complex and growing sector. Contact us to discuss your senior housing appraisal needs.
National senior housing headlines do not describe the small assisted living facilities behind most SBA and USDA loans. This report reframes the 2026 market around small-facility demand, valuation, federal financing, feasibility-study requirements and lender risk.
Senior housing occupancy reached 90.4% in the third quarter of 2026 while construction starts fell to roughly 10,000 units in 2025, down about 67% from 2021 (NIC MAP). This report explains what that gap means for lenders and developers.
The U.S. nursing home sector encompasses approximately 15,000 facilities with over 1.35 million licensed beds, generating an estimated $167 to $190 billion in annual revenue. Roughly 85% of that revenue derives from two governmental payer sources: Medicare and Medicaid.
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