4319 HIGHWAY 11 N, North Bay (College Heights), Ontario, P1B8G3

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 $136,573 with projected expenses (including management, vacancy, and maintenance) estimated at $54,169, resulting in a solid net income before financing of $78,307. With 7 of the 13 units already at or near market rent, there is substantial opportunity to grow returns as the remaining 6 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 contractor. 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:64974)

Quick Facts

• Property Type: Other
• Bedrooms: 16 (16 above)
• Bathrooms: 13
• Parking: 18 spaces (No Garage)

Costs

• Annual Taxes: $11,974.00 (2024)

Listing Provided by: REALTY EXECUTIVES Local Group Inc. Brokerage
Board: North Bay and Area REALTORS® Association
Data provided via CREA DDF®.