ON > North Bay
North Bay, ON P1B 6R5,525 High Street
See all 50 photos
North Bay, ON P1B 6R5,525 High Street
North Bay, ON P1B 6R5,525 High Street
North Bay, ON P1B 6R5,525 High Street
North Bay, ON P1B 6R5,525 High Street
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Ivan Gascho

Ivan Gascho

+1(519) 573-7440
$ 900,000
Est. payment /mo
Save
Active

525 High Street North Bay, ON P1B 6R5

13 Beds

4,850 SqFt

UPDATED:

10/12/2024 08:37 PM

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

Listed by REALTY EXECUTIVES Local Group Inc. Brokerage

Ivan Gascho

Broker | License ID: 5015171

+1(519) 573-7440

GET MORE INFORMATION

Name
Phone*
Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.

Go tour this home

525 High Street