Located on the east side of Downtown North Bay, this property features ten updated residential units (nine 1-bed and one 2-bed) with a secure entrance and shared laundry. The commercial unit is rented to a local antique shop on a current 3-year term, providing a stable income stream. The property generates a gross annual income of $174,060 with a 7.28% cap rate. The exterior along with the majority of the apartments has been freshly painted and modernized, and there is still room to improve a few units, offering the potential for increased returns. Comprehensive documentation includes a 2017 fire inspection, engineering reports from 2008, a current survey, updated rent roll, lease and tenant agreements, and income and expenses updated for 2024. The permitted uses of zoning are detailed, and a Phase 1 Environmental report from 2004 confirms that no further remediation is necessary. The building features hot water heating, concrete block walls with steel beams, a membrane roof inspected by Designed Roofing in 2017, and an HVAC unit. Additionally, approximately 75% of the lighting has been upgraded to LED. This property is a practical choice for investors seeking a stable, income-generating asset in a convenient location. (id:47423)
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Detailed Information
Lot
39 x 131 ft
Amenities Nearby
Public Transit
Community Features
High Traffic Area
Features
Visual exposure, Paved driveway
Listing Contract Date
2024-07-22
Location Description
On Main between Fisher Street and Regina
Ownership Type
Freehold
# of Parking Spaces
6
Property Type
Office
Transaction Type
For sale
Zoning Description
C2
Building
Basement Type
Full
Exterior Finish
Aluminum siding, Vinyl siding
Fire Protection
Security system
Foundation Type
Brick
Stories Total
3
Size (Exterior)
9660
Utility Water
Municipal water
Land
Total Size
0.14 acres
Amenities
Public Transit
Sewer
Municipal sewage system
Size of Irregular Land
0.14
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