4319 Highway 11 N North Bay, Ontario P1B 8G3
$1,140,000
Looking for a cash-flowing property that meets the 1% rule? Consider how the cash flow could improve as interest rates decline. This turnkey 13-unit residential complex sits on a 1 acre lot and includes a newly renovated 3-bedroom stand-alone home, along with a 12-unit main building rezoned in 2022. The main building features 11 bachelor units and one, 1-bedroom unit. Gross rents total $137,452, with expenses for property management, vacancy, and maintenance estimated at $53079, resulting in a net income before mortgage of $78,875. Currently, 7 of the units are at or near market rent, offering the new owner potential for increased returns as the remaining 5 tenants transition. Supporting documents include new shingles with ice guard (2023), a site plan control showing all buildings and parking, water testing and well reports, zoning confirmations, a 2014 fire retrofit, and a detailed income and expenses report. The 3-bedroom house has received occupancy permits following fire remediation and renovations, all completed to current code, including electrical, gas furnace, framing, and drywall. The property also includes 5 older septic systems and a drilled well with engineering reports meeting MOE guidelines. All supporting documents on file and ready to send by email. (id:61445)
Business
| BusinessType | Residential |
| BusinessSubType | Apartments |
Property Details
| MLS® Number | X11929509 |
| Property Type | Multi-family |
| Community Name | College Heights |
| AmenitiesNearBy | Highway, Ski Hill |
| ParkingSpaceTotal | 18 |
Building
| Appliances | Dryer, Stove, Washer, Refrigerator |
| HeatingType | Other |
| SizeInterior | 1 Ac |
| Type | Multi-family |
Land
| Acreage | No |
| LandAmenities | Highway, Ski Hill |
| SizeDepth | 210 Ft |
| SizeFrontage | 210 Ft |
| SizeIrregular | 210 X 210 Ft |
| SizeTotalText | 210 X 210 Ft |
| ZoningDescription | Rc |
Interested?
Contact us for more information
Mike Burman
Broker of Record
325 Main Street, West
North Bay, Ontario P1B 2T9
Josee Laperle
Salesperson
325 Main Street, West
North Bay, Ontario P1B 2T9
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March 24 2025 02:27:25
Realty Executives Local Group Inc. Brokerage