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$1,099,000
Est. payment /mo
16 Beds
13 Baths
3,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,500 sqft
Price per Sqft $314
Subdivision College Heights
MLS® Listing ID X12368090
Bedrooms 16
Source North Bay and Area REALTORS® Association
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. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Other
Exterior
Parking Features No
View Y/N No
Total Parking Spaces 18
Private Pool No
Building
Story 1.5
Sewer Septic System
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Listed by REALTY EXECUTIVES Local Group Inc. Brokerage