$1,350,000
FOR SALE

Office

Lot: 39 x 131 ft

447 Main Street E
North Bay, ON P1B 1B6

Located on the east side of Downtown North Bay, this property features ten updated residential units (nine 1-bed and one 2-bed) with a secure entrance and shared laundry. The commercial unit is rented to a local antique shop on a current 3-year term, providing a stable income stream. The property generates a gross annual income of $174,060 with a 7.28% cap rate. The exterior along with the majority of the apartments has been freshly painted and modernized, and there is still room to improve a few units, offering the potential for increased returns. Comprehensive documentation includes a 2017 fire inspection, engineering reports from 2008, a current survey, updated rent roll, lease and tenant agreements, and income and expenses updated for 2024. The permitted uses of zoning are detailed, and a Phase 1 Environmental report from 2004 confirms that no further remediation is necessary. The building features hot water heating, concrete block walls with steel beams, a membrane roof inspected by Designed Roofing in 2017, and an HVAC unit. Additionally, approximately 75% of the lighting has been upgraded to LED. This property is a practical choice for investors seeking a stable, income-generating asset in a convenient location. (id:47421)
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Listed By REALTY EXECUTIVES Local Group Inc. Brokerage
Data Provided By North Bay and Area REALTORS® Association
MLS® Listing Number 40621758
Last Updated Aug 21, 2024
Property Summary
Property Type Office

More like this:
Subdivision Central
Price History

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Detailed Information
Lot 39 x 131 ft
Amenities Nearby Public Transit
Community Features High Traffic Area
Features Visual exposure, Paved driveway
Listing Contract Date 2024-07-22
Location Description On Main between Fisher Street and Regina
Ownership Type Freehold
# of Parking Spaces 6
Property Type Office
Transaction Type For sale
Zoning Description C2
Building
Basement Type Full
Exterior Finish Aluminum siding, Vinyl siding
Fire Protection Security system
Foundation Type Brick
Stories Total 3
Size (Exterior) 9660
Utility Water Municipal water
Land
Total Size 0.14 acres
Amenities Public Transit
Sewer Municipal sewage system
Size of Irregular Land 0.14

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