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221115

MLS® X14103574

Overview

Key Facts

Type 
Levels Residential Income
Size -
Garage Yes
Taxes $26,832
Days Active 1
Lot Size 
Approx. Age 
MLS® Number X14103574

Property Address: 608-618 Lorne Ave, North Bay, ON, P1B6X2

Average square foot calculated using Size range provided by listing agent.

Description

This 11-unit residential purpose-built comples delivers immediate cash flow and stands out as a turnkey investment opportunity with strong cash flow and significant principal recapture after mortgage payments. Located on a quiet street just off Algonquin Ave., the property consists entirely of eleven 2-bedromm units that have undergone major renovations, including comprehensive updates to all kitchens, bathrooms, flooring, trim, lighting, paint, and more. From a financail perspective, the asset generates a gross rental invome of $273, 436 with estimated operating expenses of $80, 979 (inclusive of management, vacancy, and maintenance), resulting in a solid net income before financing of $192, 457 and a highly competitive 6.52% cap rate. Features include hot water boiler system, secure security doors, and 15 dedicated spaces, while the utility framework structures all rents plus hydro. Adding to it's long-term tenant appeal, the building is situated within easy walking distance of local shopping, neighborhood restaurants, and the main bus route on Algonquin Ave itself. Please note that the listing photos provided were taken previous to the tenants moving into the units. (id:58753)Show Description
MLS® NumberX14103574
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
GarageYes
Approx. Age
BasementNone
DrivewayNo Garage
Garage Spaces
HeatNatural gas
A/CNone

Extras

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