4319 Highway 11 N

Nestled in the vibrant community of College Heights, this remarkable Multi-Family Home for sale in North Bay is an exceptional investment opportunity that you simply cannot overlook. Located at 4319 Highway 11 N, North Bay, this impressive multiplex boasts a wealth of features that cater to both seasoned investors and those looking to enter the rental market.

This 1 1/2 storey building, clad in durable vinyl siding, is situated on a generous 210 x 210-acre lot, providing ample space for the various units it houses. With a total of 20 rooms, including 16 bedrooms and 13 bathrooms, this property is designed for maximum functionality and comfort. The main building features 11 bachelor units alongside one spacious 1-bedroom unit, making it an ideal choice for a diverse range of tenants.

The financials of this Multi-Family Home for sale in North Bay are particularly appealing. With a gross rental income of £137,452 and projected expenses, including management, vacancy, and maintenance, estimated at £53,079, the net income before financing stands at an impressive £78,875. This is a strong cash-flowing investment that adheres to the 1% rule, making it a lucrative option as interest rates begin to decline. Moreover, with seven units already at or near market rent, there is significant potential for growth as the remaining tenancies turn over.

At 4319 Highway 11 N, North Bay, the property has been meticulously maintained and well-documented, ensuring peace of mind for any prospective buyer. Recent updates include new shingles with ice guard installed in 2023, a comprehensive site plan control detailing building and parking arrangements, and thorough water testing and well reports. The property has also received zoning confirmations and underwent a fire retrofit in 2014, further enhancing its appeal. Detailed income and expense statements are available, providing transparency and clarity for potential investors.

The fully renovated 3-bedroom detached home on the premises has been restored to a high standard by professional fire remediation services. This home is included in the package and comes complete with occupancy permits and major updates that comply with current building codes. These updates encompass electrical systems, a gas furnace, framing, and drywall, ensuring that the property meets all necessary regulations.

One of the standout features of this Multi-Family Home for sale in North Bay is the well-maintained infrastructure, which includes five older septic systems that are in good working order, alongside a drilled well. Engineering reports confirm compliance with Ministry of the Environment guidelines, providing further assurance of the property's reliability.

While the property does not include a pool, fireplace, or central vacuum system, it does come equipped with internet access, ensuring that tenants have the modern conveniences they desire. Although there is no family room or additional kitchen, the layout of the units is designed to maximise space and functionality.

Parking is plentiful, with space for up to 18 vehicles, making it convenient for tenants and visitors alike. The absence of a garage and driveway is offset by the ample parking available on the lot, ensuring that residents have easy access to their vehicles.

In summary, this Multi-Family Home for sale in North Bay, located at 4319 Highway 11 N, North Bay, is a prime investment opportunity that combines immediate income potential with the promise of future growth. With its strategic location, well-maintained facilities, and robust financials, this property is sure to attract attention from discerning investors looking to make a sound addition to their portfolio. Don’t miss out on this chance to secure a valuable asset in the thriving area of Nipissing.

Community College Heights, located in the charming city of North Bay, offers a picturesque and inviting environment for prospective residents. Nestled amidst lush greenery and rolling hills, this neighbourhood is characterised by its tranquil atmosphere and well-maintained streets. The area is predominantly residential, featuring a mix of family homes and modern apartments, all within easy reach of local amenities, parks, and recreational facilities. With its close proximity to the vibrant downtown area and stunning views of Lake Nipissing, College Heights provides a perfect balance of suburban comfort and urban convenience, making it an ideal choice for those seeking a peaceful yet connected lifestyle.

Key Statistics of the Neighbourhood

The area surrounding the property has a population of 555 residents, with an average household size of 2.3 individuals. The demographic profile indicates a mature community, with an average age of 45.6 years. Economic indicators are promising, as the average household income stands at $106,000, and only 10.8% of the population is classified as low-income. The average home price in the area is approximately $344,000, reflecting a stable real estate market. A significant portion of the population, 35.42%, is single, while 37.14% of households include children, suggesting a family-friendly environment. The area is relatively diverse, with immigrants constituting 2.68% of the population. Renting is less common, with only 6.52% of residents renting their homes, and there are no condominiums reported in the area. Education levels are high, with 56.84% of residents holding a college or university degree. However, a notable 34.74% of the population is not in the labor force, which may indicate a mix of retirees and individuals engaged in non-traditional work. Overall, this community presents a blend of stability, education, and family-oriented living.