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. (id:56069)
| MLS® Number | 40688475 |
| Property Type | Multi-family |
| Amenities Near By | Airport, Golf Nearby, Hospital, Shopping |
| Community Features | School Bus |
| Features | Visual Exposure, Crushed Stone Driveway, Laundry- Coin Operated |
| Parking Space Total | 18 |
| Basement Type | None |
| Cooling Type | None |
| Exterior Finish | Vinyl Siding |
| Foundation Type | Block |
| Heating Fuel | Electric, Natural Gas |
| Heating Type | Baseboard Heaters, Forced Air |
| Stories Total | 1 |
| Size Interior | 5,093 Ft2 |
| Utility Water | Well |
| Access Type | Highway Access |
| Acreage | Yes |
| Land Amenities | Airport, Golf Nearby, Hospital, Shopping |
| Sewer | Septic System |
| Size Depth | 210 Ft |
| Size Frontage | 210 Ft |
| Size Irregular | 1.028 |
| Size Total | 1.028 Ac|1/2 - 1.99 Acres |
| Size Total Text | 1.028 Ac|1/2 - 1.99 Acres |
| Zoning Description | Rc Sp.22 With Spc |
https://www.realtor.ca/real-estate/27777779/4319-highway-11-n-north-bay
Contact us for more information
Mike Burman
Broker of Record
(705) 478-8588
www.realtyexecutivesnorthbay.com
Josee Laperle
Salesperson
(705) 478-8588
www.realtyexecutivesnorthbay.com
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