4319 Highway 11 N North Bay, Ontario P1B 8G3

5093 sqft
None Baseboard Heaters, Forced Air Acreage

$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. (id:47351)

Property Details

MLS® Number 40688475
Property Type Multi-family
AmenitiesNearBy Airport, Golf Nearby, Hospital, Shopping
CommunityFeatures School Bus
Features Visual Exposure, Crushed Stone Driveway, Laundry- Coin Operated
ParkingSpaceTotal 18

Building

BasementType None
CoolingType None
ExteriorFinish Vinyl Siding
FoundationType Block
HeatingFuel Electric, Natural Gas
HeatingType Baseboard Heaters, Forced Air
StoriesTotal 1
SizeInterior 5093 Sqft
UtilityWater Well

Land

AccessType Highway Access
Acreage Yes
LandAmenities Airport, Golf Nearby, Hospital, Shopping
Sewer Septic System
SizeDepth 210 Ft
SizeFrontage 210 Ft
SizeIrregular 1.028
SizeTotal 1.028 Ac|1/2 - 1.99 Acres
SizeTotalText 1.028 Ac|1/2 - 1.99 Acres
ZoningDescription Rc Sp.22 With Spc

https://www.realtor.ca/real-estate/27777779/4319-highway-11-n-north-bay