272 First Avenue, North Bay, ON

Description

Legal Fourplex but could be used as commercial uses or office through a change of use permit with the City of North Bay. If turnkey is what you are looking for then this investment property is for you. This building went through a full office building conversion to 4 residential units completed August 2023. The renovation list is long including all new wiring and 5 panels, flooring, kitchens, led lighting, bathrooms, plumbing, hot water heat, boiler (2026), attic insulation R60 with removal of vermiculite, trim, casings, doors, coin laundry and more. All building permits are closed, esa letters on all 5 panels, income and expenses as well as renovation and floor plans available. Previous owner added rear addition which is now part of unit 4 with in floor heat and 22 ft ceilings as well as shingles in 2018. Unit 1 is a four level 2 bedroom unit with access to a small fenced in backyard shared with unit 4. Unit 2 is a 2 level unit with 1 bedroom and AC at the front of the building, Unit 3 is a 1 bedroom unit off the common hallway. Unit 4 also has access to the small rear fenced in area, is a 2 level unit and the 2 bedrooms have 22 ft ceilings making this a very unique unit. Gross income $84,720 with Expenses including heat, house meter, insurance, water/sewer, maintenance, management and vacancy $27,861, leaving a Net income of $56,859 before mortgage. Ask your Realtor for supporting documentation. All photos are pre tenant move ins. Bonus: No Rent control on any of the units and all rents are plus hydro. Previous owner replaced sewer and water line as an added bonus to the purchaser.