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$ 999,900
Est. payment /mo
Active
4319 HIGHWAY 11 N North Bay (college Heights), ON P1B8G3
16 Beds
13 Baths
3,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,500 sqft
Price per Sqft $285
Subdivision College Heights
MLS® Listing ID X12368090
Bedrooms 16
Property Description
Looking for a strong cash-flowing investment that meets the 1% rule? This turnkey 13-unit residential complex delivers immediate income with excellent upside potential as interest rates decline. Sitting on a 1-acre lot, the property includes a newly renovated 3-bedroom detached home and a 12-unit main building that was rezoned in 2022. The main building offers 11 bachelor units and one 1-bedroom unit. Gross rental income is $136,573 with projected expenses (including management, vacancy, and maintenance) estimated at $58,266, resulting in a solid net income before financing of $78,307. With 7 of the 13 units already at or near market rent, there is substantial opportunity to grow returns as the remaining 6 tenancies turn over. The property has been well-documented and carefully maintained, with updates and reports that include: new shingles with ice guard (2023), site plan control with building and parking details, water testing and well reports, zoning confirmations, a 2014 fire retrofit, and detailed income/expense statements. The fully renovated 3-bedroom home was restored by professional fire remediation contractor. Package includes occupancy permits and major updates including electrical, gas furnace, framing, and drywall, all completed to current code. Additional highlights include 5 older septic systems in good working order and a drilled well, supported by engineering reports confirming compliance with MOE guidelines. House is vacant currently and out for rent at 2250 plus hydro and gas. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Other
Cooling None
Exterior
Parking Features No
View Y/N No
Total Parking Spaces 18
Private Pool No
Building
Story 1.5
Sewer Septic System
Listed by REALTY EXECUTIVES Local Group Inc. Brokerage