525 High Street North Bay, ON P1B 6R5
Listing Courtesy of:  CREA / Realty Executives Local Group Inc. Brokerage

  525 High Street North Bay, ON P1B 6R5

Active (103 Days)
$900,000

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. (id:41440)

Affordability
Home Price

$900,000

Mortgage Payment

$3,998

Down Payment
20%
Loan Details
25-year, 4.49%
Down Payment
$180,000
Principle and Interest $3,998
Home Insurance $188
Monthly Total $4,186
Please note the estimates above such as principal and interest, property tax, home insurance and monthly totals are estimates and subject to change as per specific lenders and brokerage terms.
MLS®:
40652296
Lot Size
0.5 acres
Type
Multifamily
County
Nipissing District

Listed By

Josee Laperle, Realty Executives Local Group Inc. Brokerage
Source
CREA
Last checked Jan 8, 2025 at 4:20 a.m. UTC
Bathroom Details
Subdivision
  • Central
Lot Information
  • Laundry- Coin Operated
Property Features
  • Foundation: Block
Heating and Cooling
  • Other
  • None
Basement Information
  • Partial
  • Unfinished
Exterior Features
  • Vinyl Siding
  • Brick
Utility Information
  • Sewer: Municipal Sewage System
Parking
  • Total: 10
Stories
  • 3
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