525 High Street Active Save Request In-Person Tour Request Virtual Tour
North Bay,ON P1B 6R5
Key Details
Property Type Multi-Family
Sub Type Multi-6-9 Unit
Listing Status Active
Purchase Type For Sale
Square Footage 4,850 sqft
Price per Sqft $185
MLS Listing ID 40652296
Bedrooms 13
Abv Grd Liv Area 4,850
Originating Board North Bay
Annual Tax Amount $7,675
Lot Size 0.500 Acres
Acres 0.5
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 North Bay
Zoning RM1
Direction corner of Algonquin Avenue and High Street
Rooms
Other Rooms Shed(s)
Basement Partial,Unfinished
Kitchen 0
Interior
Interior Features Separate Hydro Meters
Heating Other
Cooling None
Fireplace No
Appliance Refrigerator,Stove
Laundry Coin Operated,Shared
Exterior
Exterior Feature Landscaped
Garage Assigned,Guest
Waterfront No
Roof Type Asphalt Shing,Metal
Street Surface Paved
Lot Frontage 183.1
Lot Depth 153.58
Garage No
Building
Lot Description Square,City Lot,Near Golf Course,Hospital,Library,Major Anchor,Park,Place of Worship,Playground Nearby,Public Parking,Public Transit,Regional Mall,School Bus Route,Schools,Shopping Nearby
Faces corner of Algonquin Avenue and High Street
Story 3
Foundation Concrete Block,Stone
Sewer Sewer (Municipal)
Water Municipal
Level or Stories 3
Structure Type Vinyl Siding
New Construction No
Others
Senior Community false
Tax ID 491560450
Ownership Freehold/None