4319 Highway 11 N North Bay, Ontario P1B 8G3
$1,099,000
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:47351)
Business
| Business Type | Residential |
| Business Sub Type | Apartments |
Property Details
| MLS® Number | X12368096 |
| Property Type | Multi-family |
| Community Name | College Heights |
| Amenities Near By | Highway, Ski Hill |
| Parking Space Total | 18 |
Building
| Bathroom Total | 13 |
| Appliances | Dryer, Washer |
| Heating Type | Other |
| Size Interior | 4,852 Ft2 |
| Type | Multi-family |
Land
| Acreage | Yes |
| Land Amenities | Highway, Ski Hill |
| Size Depth | 210 Ft |
| Size Frontage | 210 Ft |
| Size Irregular | 1 |
| Size Total | 1 Ac |
| Size Total Text | 1 Ac |
| Zoning Description | Rc Sp.22 With Spc |
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August 28 2025 06:47:39
North Bay and Area REALTORS® Association
Realty Executives Local Group Inc. Brokerage