$1,290,000
FOR SALE

Investment

Lot: 1,425.6 x 0 ftTotal Area: 700,698 ft2
2023 Taxes: $3,300.96Maintenance Fees: $4,000

374100 Highway 11B
Coleman, ON P0J 1C0 | Timiskaming

Boasting 1000+ feet of shoreline with all exposures on approx. 13 acres on Gillies Lake in a town filled with history. Quiet, remote, with abundant wildlife, yet is located right off of 11B highway and within 15 minutes from the Lakefront towns of Haileybury & New Liskeard, on the Timiskaming shores. An established business is being sold with the property consisting of 5 renovated (2019) 4-season cottages with bookings all year. Guests include holidaymakers, nature enthusiasts, and longer-term stays for trades and construction people working in the area. Gross income last fiscal year approx $122,000. Expenses approx. $50,000. There is an RV site with 14 stalls and two boat launches. Additional structures are being upgraded for additional income streams. Beautiful site to build an owner's suite. There is potential to utilize the RV stalls as glamping areas or construct additional cabins. Those with landscaping skills could transform this property from something special to amazing!
Extras
Year-round activities. Hiking. Swimming. Boating. Rock climbing. Shopping. Theatre. Dining. Directly on snow mobile trails. Ice Fishing. Cross-country skiing. ATV trail. Downhill skiing & snowboarding 20 minutes away.
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Listed By BERKSHIRE HATHAWAY HOMESERVICES TORONTO REALTY
Data Provided By Toronto Regional Real Estate Board
MLS® Listing Number X7211822
Last Updated Mar 25, 2024
Property Summary
Property Type Investment

More like this:
Use Cabins/Cottages
Business/Building Name Gillies Lake Front Cottages
Category Accommodation
PIN 613850104
Legal Description See mortgage comments
Occupancy Tenant
Possession Date TBD
Taxes (2023) $3,300.96
Tax Type Annual
Maintenance Fees $4,000
Directions/Cross Streets In Between Cobalt And Hw 11
Area Timiskaming
Price History

Interested in obtaining the full price history for this property?
Contact us!Contact us! Our real estate professionals would be happy to provide a complete listing history with historical sold prices and dates.

Detailed Information
Freestanding Y
Bathrooms 5
Lot 1,425.6 x 0 ft
Lot Irregularities Lot Irregular
Total Area 700,698 ft2
Approximate Age 0-5
Air Conditioning N
Basement N
Garage Type None
Parking Spaces 10
Days Open 7
Heat Type Elec Forced Air
Gross Income/Sales $122,000
Net Income Before Debt $71,720
Hydro Expense $17,000
Heat Expenses $3,000
Insurance Expense $4,415
Operating Expenses $10,000
Taxes Expense $3,301
Other Expenses $4,000
Year Expenses $2,022
Expenses Actual/Estimated Est
Estimated Inventory Values At Cost $50,000
Area Influences Grnbelt/Conserv, Major Highway
Sewers Septic
Utilities Y
Water Supply Types Dug Well
Water Well
Vacancy Allowance 30
Crane N
Lot/Bldg/Unit Code Lot
Zoning CI Tourist Commercial
Seller Property Info Statement N

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