447 MAIN

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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. (id:39198)

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Additional media

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Property taxes

$19,602.82 per year / $1,633.57 per month

Basement

Full

Year build

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Type

Office

Bedrooms

null

Bathrooms

null

Parking spots

6 Total

Floor

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Balcony

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Pool

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External material

Aluminum siding | Vinyl siding

Roof type

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Lot frontage

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Lot depth

-

Heating

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Fire place(s)

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