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. (id:47421)
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Detailed Information
Lot
210 x 210 ft
Amenities Nearby
Airport, Golf Nearby, Hospital, Shopping
Community Features
School Bus
Features
Visual exposure, Crushed stone driveway, Laundry- Coin operated
Listing Contract Date
2025-01-08
Location Description
Hwy 11 North of North Bay 10 minutes to property
Ownership Type
Freehold
# of Parking Spaces
18
Property Type
Multi-family
Transaction Type
For sale
Zoning Description
RC Sp.22 with SPC
Building
Basement Type
None
Cooling Type
None
Exterior Finish
Vinyl siding
Foundation Type
Block
Heating Fuel
Electric, Natural gas
Heating Type
Baseboard heaters, Forced air
Stories Total
1
Utility Water
Well
Land
Total Size
1.028 acres
Access Type
Highway access
Acreage
Yes
Amenities
Airport, Golf Nearby, Hospital, Shopping
Sewer
Septic System
Size of Irregular Land
1.028
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