4319 Highway 11 N North Bay (College Heights), Ontario P1B 8G3
$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 | X11929536 |
| Property Type | Multi-family |
| Community Name | College Heights |
| AmenitiesNearBy | Public Transit |
| CommunityFeatures | School Bus |
| ParkingSpaceTotal | 18 |
Building
| BathroomTotal | 13 |
| BedroomsAboveGround | 4 |
| BedroomsTotal | 4 |
| Appliances | Water Heater, Dryer, Refrigerator, Stove, Washer |
| ExteriorFinish | Vinyl Siding |
| FoundationType | Concrete, Slab |
| HeatingType | Other |
| Type | Other |
Land
| Acreage | No |
| LandAmenities | Public Transit |
| Sewer | Septic System |
| SizeDepth | 210 Ft |
| SizeFrontage | 210 Ft |
| SizeIrregular | 210 X 210 Ft |
| SizeTotalText | 210 X 210 Ft |
| ZoningDescription | Rc Sp.22 With Spc |
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January 17 2025 08:58:10
North Bay Real Estate Board
Realty Executives Local Group Inc. Brokerage