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:56069)
| MLS® Number | 40652296 |
| Property Type | Multi-family |
| Amenities Near By | Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Community Features | School Bus |
| Equipment Type | Water Heater |
| Features | Laundry- Coin Operated |
| Parking Space Total | 10 |
| Rental Equipment Type | Water Heater |
| Structure | Shed |
| Bedrooms Total | 13 |
| Basement Development | Unfinished |
| Basement Type | Partial (unfinished) |
| Cooling Type | None |
| Exterior Finish | Brick, Vinyl Siding |
| Foundation Type | Block |
| Heating Type | Other |
| Stories Total | 3 |
| Size Interior | 4,850 Ft2 |
| Utility Water | Municipal Water |
| Access Type | Road Access |
| Acreage | No |
| Land Amenities | Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 154 Ft |
| Size Frontage | 183 Ft |
| Size Irregular | 0.5 |
| Size Total | 0.5 Ac|1/2 - 1.99 Acres |
| Size Total Text | 0.5 Ac|1/2 - 1.99 Acres |
| Zoning Description | Rm1 |
https://www.realtor.ca/real-estate/27470017/525-high-street-north-bay
Contact us for more information
Josee Laperle
Salesperson
(705) 478-8588
www.realtyexecutivesnorthbay.com
Mike Burman
Broker of Record
(705) 478-8588
www.realtyexecutivesnorthbay.com
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