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North Bay,ON P1B 6R5
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 4,850 sqft
Price per Sqft $185
MLS Listing ID X10708705
Bedrooms 13
Annual Tax Amount $7,675
Tax Year 2024
Lot Size 0.500 Acres
Property Description
This centrally located, cash flowing 7-unit multi-family residential building generates an impressive annual gross income of $107,460. The property consists of five spacious 2-bedroom units, one bachelor unit, and a newly renovated 3-bedroom unit offering views of Lake Nipissing and the downtown area. Blending modern touches with original charm, the building features tall ceilings, crown molding and elegant fireplace accent walls. Three of the 2-bedroom units are currently renting for under market rent, offering excellent potential for increased revenue. Each unit contains it's own rental hot water tank-tenants are responsible for their own hydro and rental costs, providing a consistent income stream for investors. The property also includes 10 parking spaces, hot water heating throughout, and an annually serviced boiler for maximum efficiency and ease. Recent upgrades include a new fire escape for the 3-bedroom unit (thereby meeting occupancy requirements), Fire safety compliance order completed 2024 with several upgrade throughout the building to meet safety standards, a sewer line replacement in 2020, fire-rated shutters, chimney repairs, new fencing, and improvements to flooring, paint, lighting in several units, and updated coin operated laundry space for all tenants. Situated on a spacious 183'x153' lot, the property offers ample living and parking space for tenants. The projected annual net income is $63,221, accounting for 15% management, vacancy, & maintenance costs, and providing a solid 7% CAP rate.
Location
State ON
County Nipissing
Area Nipissing
Zoning RM1
Rooms
Basement Unfinished,Partial Basement
Kitchen 0
Interior
Cooling None
Inclusions Carbon Monoxide Detector, Smoke Detector
Laundry Shared,Coin Operated
Exterior
Parking Features Reserved/Assigned
Garage Spaces 10.0
Pool None
Community Features Public Transit,Park
Utilities Available Unknown
Roof Type Metal,Asphalt Shingle
Total Parking Spaces 10
Building
Foundation Stone,Concrete Block
New Construction false
Others
Senior Community No
Security Features Unknown