$900,000
525 HIGH Street North Bay, ON P1B6R5
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$900,000
Est. payment /mo
13 BD
4,850 SqFt
Active
525 HIGH Street North Bay, ON P1B6R5
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Square Footage 4,850 sqft
Price per Sqft $185
Subdivision Central
MLS® Listing ID 40652296
Bedrooms 13
Originating Board North Bay and Area REALTORS® Association
Lot Size 0.500 Acres
Acres 21780.0
Property Description
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:24570)
Location
Province ON
Interior
Heating Other
Cooling None
Exterior
Garage No
Community Features School Bus
Waterfront No
View Y/N No
Total Parking Spaces 10
Private Pool No
Building
Story 3
Sewer Municipal sewage system
Others
Ownership Freehold
Listed by REALTY EXECUTIVES Local Group Inc. Brokerage
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