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$ 1,140,000
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Active
4319 HIGHWAY 11 N North Bay, ON P1B8G3
5,093 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Square Footage 5,093 sqft
Price per Sqft $223
Subdivision College Heights
MLS® Listing ID 40600933
Originating Board North Bay and Area REALTORS® Association
Lot Size 1.028 Acres
Acres 44779.68
Property Description
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:24570)
Location
Province ON
Interior
Heating Baseboard heaters, , Forced air,
Cooling None
Exterior
Parking Features No
Community Features School Bus
View Y/N No
Total Parking Spaces 18
Private Pool No
Building
Story 1
Sewer Septic System
Others
Ownership Freehold
Listed by REALTY EXECUTIVES Local Group Inc. Brokerage
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