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