525 HIGH Street Active

North Bay,ON P1B6R5

$ 900000

13 Beds

0 Bath

4850 SqFt


Key Details

Property Type Multi-Family

Sub Type Freehold

Listing Status Active

Purchase Type For Sale

Square Footage 4,850 sqft

Price per Sqft $185

Subdivision Central

MLS Listing ID 40652296

Bedrooms 13

Lot Size 0.500 Acres

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. (id:24570)

Location

Province ON

Interior

Heating Other

Cooling None

Exterior

Garage No

Community Features School Bus

Waterfront No

View Y/N No

Building

Story 3

Sewer Municipal sewage system

View More
Favorite Go Tour