ON > North Bay
North Bay, ON P1B 6R5,525 HIGH ST
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Jeff Somlo

Jeff Somlo

+1(647) 998-3693
$ 900,000
Est. payment /mo
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525 HIGH ST North Bay, ON P1B 6R5

13 Beds

4,850 SqFt

UPDATED:

12/11/2024 02:11 PM

Key Details

Property Type Commercial

Sub Type Investment

Listing Status Active

Purchase Type For Sale

Square Footage 4,850 sqft

Price per Sqft $185

MLS Listing ID X10708705

Bedrooms 13

Annual Tax Amount $7,675

Tax Year 2024

Lot Size 0.500 Acres

Property Description

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.

Location

Province ON

County Nipissing

Area Nipissing

Zoning RM1

Rooms

Basement Unfinished, Partial Basement

Kitchen 0

Interior

Cooling None

Inclusions Carbon Monoxide Detector, Smoke Detector

Laundry Shared, Coin Operated

Exterior

Parking Features Reserved/Assigned

Garage Spaces 10.0

Pool None

Community Features Public Transit, Park

Utilities Available Unknown

Roof Type Metal,Asphalt Shingle

Total Parking Spaces 10

Building

Foundation Stone, Concrete Block

New Construction false

Others

Senior Community No

Security Features Unknown

Listed by REALTY EXECUTIVES Local Group Inc. Brokerage
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525 HIGH ST