Added 4 months ago
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Type: Investment
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Property Type: Commercial
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Business Type: Apts-6 To 12 Units
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Zoning: RM1
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Age: No Data
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Taxes: 7675.7
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MLS®#: X10708705
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Days on Site: 147 Days
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Added: Sep 26, 2024 (4 months ago)
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Updated:
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Last Checked: 2 hours ago
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Listed By: REALTY EXECUTIVES Local Group Inc. Brokerage
This centrally located, cash flowing 7-unit multi-family residential building generates an impressive annual gross income of $107,460. The property consists of five spacious 2-bedroom units, one bachelor unit, and a newly renovated 3-bedroom unit offering views of Lake Nipissing and the downtown area. Blending modern touches with original charm, the building features tall ceilings, crown molding and elegant fireplace accent walls. Three of the 2-bedroom units are currently renting for under market rent, offering excellent potential for increased revenue. Each unit contains it's own rental hot water tank-tenants are responsible for their own hydro and rental costs, providing a consistent income stream for investors. The property also includes 10 parking spaces, hot water heating throughout, and an annually serviced boiler for maximum efficiency and ease. Recent upgrades include a new fire escape for the 3-bedroom unit (thereby meeting occupancy requirements), Fire safety compliance order completed 2024 with several upgrade throughout the building to meet safety standards, a sewer line replacement in 2020, fire-rated shutters, chimney repairs, new fencing, and improvements to flooring, paint, lighting in several units, and updated coin operated laundry space for all tenants. Situated on a spacious 183'x153' lot, the property offers ample living and parking space for tenants. The projected annual net income is $63,221, accounting for 15% management, vacancy, & maintenance costs, and providing a solid 7% CAP rate.
Property
Status: Sale
Type: Apts-6 To 12 Units
Property Type: Investment
Property Type: Apartment
Net Income: 64307
Area: North Bay
Community: Central
Availability Date: Flexible
Assessment Amount: $450,000
Assessment Year: 2024
Inside
Air Conditioning: N
Utilities
Utilities: Yes
Building
Basement: Y
Heat Type: Gas Forced Air Closd
Freestanding: Y
Water Supply: Municipal
Parking
Garage Type: None
Covered Parking Spaces: 3
Fees
Tax Year: 2024
Tax Legal Description: LT 1 PL 102 WIDDIFIELD; PT LT 13-14 PL 23 WIDDIFIELD AS IN NB151
Taxes: $7,676
Expenses: Act
Management Expense: 7606
Insurance Fee: 7997
Operating Fees: 42180
Hydro Expense: 1035
Heat Expenses: 8498
Other Expenses: 1356
Taxes: 7489
Water Fees: 2765
Land
Cross Street: Algonquin Avenue and
Municipality District: North Bay
Parcel Number: 491560450
Sewer: Sanitary
Lot Depth: 153.58 Feet
Lot Frontage: 183.1 Feet
Zoning: RM1
Commercial Specific
Sprinklers: N
Total Area: 4850
Total Area Metric: Sq Ft
Area Influence: Major Highway
Area Influence: Public Transit
Lot Code: Lot
Gross Income/Sales: 108660
St Alexander Separate School
Elementary: CatholicMother St Bride School
Elementary: CatholicÉcole séparée Saint-Vincent
Elementary: CatholicÉcole secondaire catholique Algonquin
Elementary: CatholicSt Hubert Separate School
Elementary: CatholicAlliance French Immersion Public School
Elementary: PublicÉcole secondaire publique Odyssée
Secondary: PublicWest Ferris Secondary School
Secondary: PublicÉcole secondaire catholique Algonquin
Secondary: CatholicChippewa Secondary School
Secondary: PublicWiddifield Secondary School
Secondary: PublicSt Joseph-Scollard Hall Secondary School
Secondary: Catholic
