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North Bay,ON P1B 1B6
Key Details
Property Type Commercial
Sub Type Mixed,Building and Land
Listing Status Active
Purchase Type For Sale
Square Footage 9,660 sqft
Price per Sqft $139
MLS Listing ID 40621758
Abv Grd Liv Area 9,660
Originating Board North Bay
Annual Tax Amount $19,602
Lot Size 6,098 Sqft
Acres 0.14
Property Description
Located on the east side of Downtown North Bay, this property features ten updated residential units (nine 1-bed and one 2-bed) with a secure entrance and shared laundry. The commercial unit is rented to a local antique shop on a current 3-year term, providing a stable income stream. The property generates a gross annual income of $174,060 with a 7.28% cap rate. The exterior along with the majority of the apartments has been freshly painted and modernized, and there is still room to improve a few units, offering the potential for increased returns. Comprehensive documentation includes a 2017 fire inspection, engineering reports from 2008, a current survey, updated rent roll, lease and tenant agreements, and income and expenses updated for 2024. The permitted uses of zoning are detailed, and a Phase 1 Environmental report from 2004 confirms that no further remediation is necessary. The building features hot water heating, concrete block walls with steel beams, a membrane roof inspected by Designed Roofing in 2017, and an HVAC unit. Additionally, approximately 75% of the lighting has been upgraded to LED. This property is a practical choice for investors seeking a stable, income-generating asset in a convenient location.
Location
Province ON
County Nipissing
Area North Bay
Zoning C2
Direction On Main between Fisher Street and Regina
Rooms
Basement Full
Kitchen 0
Interior
Fireplace No
Exterior
Garage Asphalt,Pay,Public
Waterfront No
Lot Frontage 38.9
Lot Depth 131.0
Parking Type Asphalt,Pay,Public
Garage No
Building
Lot Description Ample Parking,Business Centre,City Lot,High Traffic Area,Public Transit,Visual Exposure
Faces On Main between Fisher Street and Regina
Story 3
Foundation Brick/Mortar
Sewer Sewer (Municipal)
Water Municipal
Level or Stories 3
Structure Type Aluminum Siding,Vinyl Siding
New Construction No
Others
Senior Community false
Tax ID 491660135
Ownership Freehold/None