242 Princess Street E

Introducing a remarkable opportunity, this Multi-Family Home for sale in North Bay is located at 242 Princess Street E, North Bay. This legal non-conforming duplex, complete with a third basement unit, presents excellent potential for investors or those seeking to offset mortgage costs through rental income. With its prime location in the heart of the community, this property is an enticing prospect for anyone looking to establish themselves in the thriving Nipissing area.

This impressive property features a well-structured multiplex design, spanning two storeys, and is clad in durable vinyl siding. The building boasts a total of seven rooms, including three well-appointed kitchens, three bathrooms, and three spacious bedrooms, along with an additional den that can serve multiple purposes. Each unit is self-contained, providing privacy and independence for residents. The main floor and basement units are particularly generous in size, ensuring comfort and livability.

The layout of this Multi-Family Home for sale in North Bay is thoughtfully designed, with two self-contained one-bedroom, one-bathroom apartments, alongside an additional two-bedroom, one-bathroom apartment. Each unit has its own private entrance, allowing for a seamless living experience. The property does not include a family room, central vacuum system, or additional land, but it compensates with its ample living space and functional design.

At 242 Princess Street E, North Bay, the property is equipped with essential amenities, including municipal water and sewer services. The heating system is a forced air type, ensuring warmth during the colder months. While there is no air conditioning or fireplace, the home benefits from internet connectivity, making it suitable for modern living. The finished full basement adds valuable extra space, which can be utilised for various purposes, whether for storage or additional living areas.

The exterior of the property is complemented by a driveway that accommodates parking for up to three vehicles, a significant advantage in a central location. Although there is no garage space available, the convenience of off-street parking cannot be understated, particularly in a bustling area like North Bay. The lot measures 33 by 125 acres, providing a manageable outdoor space that can be enjoyed by residents.

This Multi-Family Home for sale in North Bay has undergone several recent upgrades, enhancing its appeal and functionality. Notably, the furnace was replaced in 2023, ensuring efficient heating for years to come. Additionally, new insulation was installed in the attic in 2021, contributing to energy efficiency and comfort. The full basement renovation completed in 2023 has transformed this space into a more usable area, further increasing the property's value.

Located in a central community, 242 Princess Street E, North Bay, is ideally situated close to essential amenities, including schools, shopping centres, and scenic bike paths. This prime location makes it an attractive choice for tenants, ensuring a steady demand for rental units. The proximity to local facilities enhances the living experience for both occupants and owners alike.

In summary, this Multi-Family Home for sale in North Bay offers a unique investment opportunity in a desirable location. With its well-designed layout, modern upgrades, and strategic positioning in the heart of the community, this property is not to be missed. Whether you are an investor seeking to expand your portfolio or an owner-occupier looking for a home with income potential, 242 Princess Street E, North Bay, is a compelling choice that deserves your attention.

Central is a vibrant and accessible neighbourhood in North Bay, Ontario, characterised by its mix of residential, commercial, and recreational spaces. Nestled close to the heart of the city, it offers a blend of urban convenience and a welcoming atmosphere. Residents can enjoy a variety of local shops, cafes, and parks, all within walking distance. The area is well-served by public transport, making it easy to explore the wider city and surrounding natural beauty. With its diverse housing options and community amenities, Central is an appealing choice for those seeking a lively yet comfortable place to call home.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, making it an ideal choice for families. Within a short distance, you'll find Alliance Public School, an elementary school offering grades JK to 6, just 1.3 km away, with a commendable school rating of 4.5. For secondary education, Chippewa Secondary School is available in both English and French, located only 1.2 km from the property, boasting an impressive rating of 4.9. Additionally, Mother St. Bride Catholic Elementary School and St. Joseph-Scollard Hall Catholic Secondary School are also nearby, providing Catholic education options for families, although they currently do not have a rating. St. Luke Catholic Elementary School, offering French instruction, is slightly further at 2.4 km. The proximity to these schools not only enhances the appeal of the property but also ensures that quality education is easily accessible for children of all ages. Overall, this location provides a diverse range of educational opportunities, catering to various preferences and needs, making it a great choice for potential buyers prioritizing education.

Key Statistics of the Neighbourhood

The demographic profile of the area surrounding the property reveals a small population of 491 residents, with an average household size of 1.5. The community is characterized by an older demographic, with an average age of 53.5 years. The average household income stands at $50,000, but a significant portion, 30.4%, is classified as low-income. The housing market reflects affordability, with an average property price of $210,000. A notable 70% of the population is single, and households with children comprise 27.78%. The area has a high rental rate, with 81.54% of residents renting their homes, and there are no condominiums available. Educational attainment is relatively high, with 46.32% of the population holding a college or university degree. However, a large segment, 65.26%, is not participating in the labor force, indicating potential economic challenges. Additionally, immigrants make up 4.67% of the population, contributing to the area's diversity. Overall, this demographic snapshot illustrates a community with unique characteristics, including a predominance of singles, a significant rental market, and a blend of educational backgrounds amidst economic challenges.