525 High Street North Bay, Ontario P1B 6R5
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Josee Laperle
Salesperson
325 Main Street, West
North Bay, Ontario P1B 2T9
Mike Burman
Broker of Record
325 Main Street, West
North Bay, Ontario P1B 2T9
$900,000
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. (id:58576)
Property Details
| MLS® Number | 40652296 |
| Property Type | Multi-family |
| AmenitiesNearBy | Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| CommunityFeatures | School Bus |
| EquipmentType | Water Heater |
| Features | Laundry- Coin Operated |
| ParkingSpaceTotal | 10 |
| RentalEquipmentType | Water Heater |
| Structure | Shed |
Building
| BedroomsTotal | 13 |
| BasementDevelopment | Unfinished |
| BasementType | Partial (unfinished) |
| CoolingType | None |
| ExteriorFinish | Brick, Vinyl Siding |
| FoundationType | Block |
| HeatingType | Other |
| StoriesTotal | 3 |
| SizeInterior | 4850 Sqft |
| UtilityWater | Municipal Water |
Land
| AccessType | Road Access |
| Acreage | No |
| LandAmenities | Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Sewer | Municipal Sewage System |
| SizeDepth | 154 Ft |
| SizeFrontage | 183 Ft |
| SizeIrregular | 0.5 |
| SizeTotal | 0.5 Ac|1/2 - 1.99 Acres |
| SizeTotalText | 0.5 Ac|1/2 - 1.99 Acres |
| ZoningDescription | Rm1 |
https://www.realtor.ca/real-estate/27470017/525-high-street-north-bay
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October 10 2024 02:46:55
North Bay Real Estate Board
Realty Executives Local Group Inc. Brokerage
Why Sell With Dharm Gill?
Selling your home with Dharm Gill means leveraging expert market knowledge, personalized marketing strategies, and dedicated support to ensure you get the best value. Dharm Gill’s commitment to excellence and client-focused approach guarantees a seamless and successful selling experience.
