4319 Highway 11 N North Bay, Ontario P1B 8G3
$1,140,000
Seller willing to hold a second VTB mortgage to cover your down payment. Want a cash flowing property that meets the 1% rule? What will the property cash flow produce as interest rates decline? Turnkey 13 Unit residential complex sitting on 1 acre consisting of a newly renovated 3-bedroom stand-alone house, and a 12 unit converted motel rezoned in 2022 with 11 bachelor units and 1x1 bedroom unit. Gross rents are $137410 with expense calculation including property management, vacancy and maintenance equaling $58571 giving a net income before mortgage of $78838. This complex has only 7 units close too or at market rent giving the new owner room to lift their investment when the remaining 5 tenants move out. Many supporting docs on including new shingles with ice guard to peak 2023, site plan control showing all buildings parking etc., water testing and well reports, zoning confirmations, fire retrofit 2014 and of course a detailed income and expenses report. 3 Bedroom house just received occupancy permits from city, previous fire remediation and recently renovated. Any touched renovations done to current code including electrical, gas furnace, framing, drywall etc. 4 older septics, drilled well with engineering reports under MOE guidelines. (id:47351)
Property Details
| MLS® Number | 40600933 |
| Property Type | Multi-family |
| 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 |
| 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/27008776/4319-highway-11-n-north-bay
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October 29 2024 08:37:11
North Bay Real Estate Board
Realty Executives Local Group Inc. Brokerage