608-618 Lorne Avenue, North Bay
This 11-unit residential purpose-built comples delivers immediate cash flow and stands out as a turnkey investment opportunity with strong cash flow and significant principal recapture after mortgage payments. Located on a quiet street just off Algonquin Ave., the property consists entirely of eleven 2-bedromm units that have undergone major renovations, including comprehensive updates to all kitchens, bathrooms, flooring, trim, lighting, paint, and more. From a financail perspective, the asset generates a gross rental invome of $273,436 with estimated operating expenses of $80,979 (inclusive of management, vacancy, and maintenance), resulting in a solid net income before financing of $192,457 and a highly competitive 6.52% cap rate. Features include hot water boiler system, secure security doors, and 15 dedicated spaces, while the utility framework structures all rents plus hydro. Adding to it's long-term tenant appeal, the building is situated within easy walking distance of local shopping, neighborhood restaurants, and the main bus route on Algonquin Ave itself. Please note that the listing photos provided were taken previous to the tenants moving into the units. (id:1945)
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Property details for 608-618 Lorne Avenue, North Bay
- Type
- Multi-family
- Style
- Raised bungalow
- Bedrooms
- 22
- Bathrooms
- 11
- Lot Size
- 125 x 96 FT
- Stories
- 1
- Basement
- None
- Parking
- No Garage
- Heating
- Natural gas
- Cooling
- None
- Exterior
- Steel, Brick
- Annual Taxes
- $26,832
Nearby Listings Stat
Estimated price and comparable properties near 608-618 Lorne Avenue
Active Listings
1
Min Price
$2,950,000
Max Price
$2,950,000
Avg Price
$2,950,000
Days on Market
2
days
Sold Listings
0
Min Sold Price
$N/A
Max Sold Price
$N/A
Avg Sold Price
$N/A
Days until Sold
N/A
days
Neighbourhood Census Data
North Bay, Ontario
Population
420
Median Age
50.5
Median Income
$23,312
Dwelling Value
$179,654
Housing Tenure
Owners 42%
Renters 58%
Age Distribution
Dwelling Types
Commute Mode
Education Level
Housing Age
Commute Duration
Avg Household Size: 1.8
Pop. Density: 3,871.0/km²
Avg Shelter Cost: $918/mo
Owners with Mortgage: 57.1%
Owners Spending 30%+: 0%
Tenants Spending 30%+: 36.8%
English only: 81%
English and French: 19%
Neither: 1.2%
Median Household Income: $41,600
Median Employment Income: $24,064
Price History
Listed
October 21, 2026
by REALTY EXECUTIVES Local Group Inc. Brokerage
Current Price
$2,950,000
Type
Multi-family
For Sale
