- /
16
See all 16 photos
$1,140,000
Est. payment /mo
5,093 SqFt
New
4319 HIGHWAY 11 N North Bay, ON P1B8G3
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Square Footage 5,093 sqft
Price per Sqft $223
Subdivision College Heights
MLS® Listing ID 40688475
Originating Board North Bay and Area REALTORS® Association
Lot Size 1.028 Acres
Acres 44779.68
Property Description
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:24570)
Location
Province ON
Interior
Heating Baseboard heaters, , Forced air,
Cooling None
Exterior
Parking Features No
Community Features School Bus
View Y/N No
Total Parking Spaces 18
Private Pool No
Building
Story 1
Sewer Septic System
Others
Ownership Freehold
Listed by REALTY EXECUTIVES Local Group Inc. Brokerage