525 High Street North Bay, Ontario P1B 6R5
$960,000
Centrally located Multi Family 7-unit residential building! Gross income of $114,060 annually & possible VTB available. Amongst the 5 spacious 2-bedroom units, 1 bachelor unit, and a newly renovated 3-bedroom unit offering views of Lake Nipissing & the downtown core throughout the home you will find a blend of modern & original features of tall ceilings, crown molding, beautiful fireplace feature walls. Three of the 2-bedroom units are greatly under market rent. This property offers a variety of housing options to suit any tenant's needs. Each unit is equipped with its own hot water tank rental and tenants are responsible for paying their own hydro & tank rentals, ensuring a consistent stream of income for the discerning investor. This property also includes the added convenience of 10 parking spaces for tenants. Plus, with hot water heat throughout and an annually serviced boiler, this property is designed for maximum efficiency and ease of use. Recent upgrades include new fire escape to obtain occupancy permit for the fully 3 bedroom unit, a sewer line replacement in 2020; fire rated shutters for windows, chimney repaired, fencing, some flooring, paint, lighting to 4 units and coin laundry. Situated on a sprawling 183x153 ft lot, this property boasts ample space for tenants to live comfortably, while also providing a wealth of potential for savvy investors to increase profits over time. The property projects an annual net income $68,951 includes 15% costs from management/vacancy/maintenance which provides a 7.18% CAP rate on your investment. (id:44788)
Property Details
| MLS® Number | 40549107 |
| Property Type | Multi-family |
| Amenities Near By | Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Community Features | School Bus |
| Equipment Type | Water Heater |
| Features | Laundry- Coin Operated |
| Parking Space Total | 10 |
| Rental Equipment Type | Water Heater |
| Structure | Shed |
Building
| Bedrooms Total | 13 |
| Basement Development | Unfinished |
| Basement Type | Partial (unfinished) |
| Cooling Type | None |
| Exterior Finish | Brick, Vinyl Siding |
| Foundation Type | Block |
| Heating Type | Other |
| Stories Total | 3 |
| Size Interior | 4850 |
| Utility Water | Municipal Water |
Land
| Acreage | No |
| Land Amenities | Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 154 Ft |
| Size Frontage | 183 Ft |
| Size Total Text | 1/2 - 1.99 Acres |
| Zoning Description | Rm1 |
https://www.realtor.ca/real-estate/26692177/525-high-street-north-bay
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North Bay Real Estate Board
Realty Executives Local Group Inc. Brokerage
April 02 2024 05:46:38
