62 Lakeshore Drive North Bay, Ontario P1A 2A3
$650,000
Discover an exceptional investment opportunity with this robust two-story commercial building, strategically located within walking distance of amenities and Lake Nipissing, additionally, it offers easy access to public transportation. This property combines a long-term commercial tenant on the main floor with three newly renovated, one-bedroom apartments on the upper floor, offering stable and impressive returns supporting a 7.44% cap rate .The commercial space of 2,192 square feet and is leased to an established, long-time tenant on a new 2-year lease, with multiple parking spots available in the side parking lot. The residential units consist of three newly updated one-bedroom apartments, each signed to a 1-year lease and fully occupied, with designated parking spots located at the rear of the building. Financially, this property generates a gross annual income of over $76,000, providing consistent rental income from the commercial lease and secure, year-long agreements ensuring steady cash flow from the residential leases. Don’t miss out on this chance to secure a lucrative addition to your investment portfolio. (id:47351)
Property Details
| MLS® Number | 40637982 |
| Property Type | Multi-family |
| AmenitiesNearBy | Public Transit, Shopping |
| CommunityFeatures | High Traffic Area, School Bus |
| EquipmentType | Water Heater |
| Features | Laundry- Coin Operated |
| ParkingSpaceTotal | 12 |
| RentalEquipmentType | Water Heater |
Building
| BasementType | None |
| ConstructionMaterial | Concrete Block, Concrete Walls |
| CoolingType | None |
| ExteriorFinish | Concrete, Stone |
| StoriesTotal | 2 |
| SizeInterior | 4300 Sqft |
| Type | Triplex |
| UtilityWater | Municipal Water |
Land
| Acreage | No |
| LandAmenities | Public Transit, Shopping |
| Sewer | Municipal Sewage System |
| SizeDepth | 100 Ft |
| SizeFrontage | 80 Ft |
| SizeTotalText | Under 1/2 Acre |
| ZoningDescription | C6l |
https://www.realtor.ca/real-estate/27335368/62-lakeshore-drive-north-bay
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August 27 2024 03:41:25
North Bay Real Estate Board
Realty Executives Local Group Inc. Brokerage