REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 1,140,000
Est. payment | /mo
1 SqFt
$ 1,140,000
Est. payment | /mo
1 SqFt
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 1 sqft
Price per Sqft $1,140,000
MLS Listing ID X11929509
Annual Tax Amount $11,642
Tax Year 2024
Property Description
Looking for a cash-flowing property that meets the 1% rule? Consider how the cash flow could improve as interest rates decline. This turnkey 13-unit residential complex sits on a 1 acre lot and includes a newly renovated 3-bedroom stand-alone home, along with a 12-unit main building rezoned in 2022. The main building features 11 bachelor units and one, 1-bedroom unit. Gross rents total $137,452, with expenses for property management, vacancy, and maintenance estimated at $53079, resulting in a net income before mortgage of $78,875. Currently, 7 of the units are at or near market rent, offering the new owner potential for increased returns as the remaining 5 tenants transition. Supporting documents include new shingles with ice guard (2023), a site plan control showing all buildings and parking, water testing and well reports, zoning confirmations, a 2014 fire retrofit, and a detailed income and expenses report. The 3-bedroom house has received occupancy permits following fire remediation and renovations, all completed to current code, including electrical, gas furnace, framing, and drywall. The property also includes 5 older septic systems and a drilled well with engineering reports meeting MOE guidelines.
Location
Province ON
County Nipissing
Community College Heights
Area Nipissing
Zoning RC
Region College Heights
City Region College Heights
Interior
Cooling No
Inclusions 13 Fridges, 13 Stoves, Coin Operated Washer & Dryer
Exterior
Community Features Major Highway, Skiing
Utilities Available Yes
Lot Frontage 210.0
Lot Depth 210.0
Listed by REALTY EXECUTIVES Local Group Inc. Brokerage
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "