4319 Highway 11 N North Bay (College Heights), Ontario P1B 8G3

1 ac
Other

$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)

Business

BusinessType Residential
BusinessSubType Apartments

Property Details

MLS® Number X11929509
Property Type Multi-family
Community Name College Heights
AmenitiesNearBy Highway, Ski Hill
ParkingSpaceTotal 18

Building

Appliances Dryer, Refrigerator, Stove, Washer
HeatingType Other
SizeInterior 1 Ac
Type Multi-family

Land

Acreage No
LandAmenities Highway, Ski Hill
SizeDepth 210 Ft
SizeFrontage 210 Ft
SizeIrregular 210 X 210 Ft
SizeTotalText 210 X 210 Ft
ZoningDescription Rc

https://www.realtor.ca/real-estate/27816356/4319-highway-11-n-north-bay-college-heights-college-heights