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$ 1,099,000
Est. payment /mo
New
4319 Highway 11 N/A N North Bay, ON P1B 8G3
13 Baths
4,852 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 4,852 sqft
Price per Sqft $226
Subdivision College Heights
MLS Listing ID X12368096
Annual Tax Amount $11,642
Tax Year 2025
Property Sub-Type Investment
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 $137,452, with projected expenses (including management, vacancy, and maintenance) estimated at $53,079, resulting in a solid net income before financing of $78,875. With 7 units already at or near market rent, there is substantial opportunity to grow returns as the remaining 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. 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.
Location
Province ON
County Nipissing
Community College Heights
Area Nipissing
Zoning RC Sp.22 with SPC
Interior
Cooling No
Inclusions 13 Fridges, 13 Stoves, Coin Operated Washer & Dryer
Exterior
Community Features Major Highway, Skiing
Utilities Available Yes
Lot Frontage 210.0
Lot Depth 210.0
Listed by REALTY EXECUTIVES Local Group Inc. Brokerage