Dharm Gill Realtor


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525 High Street North Bay, Ontario P1B 6R5

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Josee Laperle
Salesperson


Realty Executives Local Group Inc. Brokerage
325 Main Street, West
North Bay, Ontario P1B 2T9

Mike Burman
Broker of Record


Realty Executives Local Group Inc. Brokerage
325 Main Street, West
North Bay, Ontario P1B 2T9

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13 Bedroom 4850 sqft
None Other

$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