4319 HIGHWAY 11 N, North Bay (College Heights)
Looking for a cash-flowing property that meets the 1% rule?…
$1,140,000
Laframboise Team North Bay and Area
Realty Executives | North Bay & Area
Laframboise Team North Bay and Area
Realty Executives | North Bay & Area
Laframboise Team North Bay and Area
Realty Executives | North Bay & Area
4319 HIGHWAY 11 N, North Bay (College Heights)
4319 HIGHWAY 11 N, North Bay (College Heights), Ontario, P1B8G3
$1,140,000
Description
Looking for a cash-flowing property that meets the 1% rule? Consider how the cash flow could improve as interest rates decline. This turnkey 13-unit residential complex sits on a 1 acre lot and includes a newly renovated 3-bedroom stand-alone home, along with a 12-unit main building rezoned in 2022. The main building features 11 bachelor units and one, 1-bedroom unit. Gross rents total $137,452, with expenses for property management, vacancy, and maintenance estimated at $53079, resulting in a net income before mortgage of $78,875. Currently, 7 of the units are at or near market rent, offering the new owner potential for increased returns as the remaining 5 tenants transition. Supporting documents include new shingles with ice guard (2023), a site plan control showing all buildings and parking, water testing and well reports, zoning confirmations, a 2014 fire retrofit, and a detailed income and expenses report. The 3-bedroom house has received occupancy permits following fire remediation and renovations, all completed to current code, including electrical, gas furnace, framing, and drywall. The property also includes 5 older septic systems and a drilled well with engineering reports meeting MOE guidelines. (id:49768)
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