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Conversion of this existing office building into a legal 4 plex and will be turn key for the investor to pick their own tenants at closing. Or purchase pre construction for $425,000 and permits will be transferred to new owner at closing. New owner must be an hst registrant. Permits approved with the city of North Bay for 4 residential units, 1x3 bedroom unit with 4 levels, 2x1 bedroom units and a 2 bedroom unit with 22 ft vaulted ceilings in the bedrooms. All rents plus hydro. Seller will require long closing into end of August. Building will be complete with occupancy permit prior to closing. Features include 5 hydro meters, hot water heating with 4 zones, coin op washer and dryer room, all new insulation in attic at R-60 already installed, rear addition completed in 2019, 2 parking spaces with additional parking to rent with current owner on same block of first ave if needed, 1 ductless ac in unit 2. These apartments will be completely new with flooring, kitchens, bathrooms, lighting, trim, fire separations etc. No Rent Control is an additional bonus to the new purchaser. Estimated cap rate 6.1% with $81,000 Gross rents, $23,080 of expenses including heat, house hydro panel, water, taxes, insurance, vacancy rate, maintenance and property management expenses. (id:24093)
Listed by MIKE BURMAN and JOSEE LAPERLE of REALTY EXECUTIVES Local Group Inc. Brokerage

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"Based on information submitted to CREA as of May 20, 2022 . All data is obtained from various sources and has not been, and will not be, verified by broker or CREA.  All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing."

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