221 Algonquin Avenue, North Bay

If you're looking for a secure investment opportunity that generates an annual gross income of $ 349,524 with operating expenses at $140,543, giving you an annual Net income of $201,991 (15% fees included for management/maintenance/vacancy), this multi-use building in North Bay is not to be missed! With 18 one-bedroom apartments and three ground-floor commercial spaces, this solid C-1 zoned building is located at a main junction in the downtown core, offering excellent visual exposure. Many units have been upgraded with modern fixtures, flooring, and fresh paint while retaining their 10-foot ceilings and crown molding. You'll love the water views of Lake Nipissing from some of the units, and the location is unbeatable. You'll be steps away from North Bay's beautiful waterfront, farmers' markets, local restaurants, and shopping. The building features ample parking for approximately 25 vehicles, three sets of coin-operated washers and dryers, and updated hot water boiler heat and membrane roof coverings. The building is currently fully occupied, with two commercial tenants on lease and the third owner-occupied, offering a multitude of uses. This is a phenomenal opportunity to generate income to support your business or investment portfolio. Don't let this one pass you by! (id:1945)