Excellent Investment Opportunity: 364-370 McIntyre St. West. This property boasts a comprehensive modern renovation of all seven residential units, complemented by two commercial spaces. Notably, its favorable C1 zoning permits year-round Airbnb usage, a rarity in North Bay. The property offers ample parking space for up to 14 vehicles, enhancing convenience and appeal for tenants. There is significant potential to substantially increase cash flow over time, as most units are currently rented below market rates, with no recent rent increases. Furthermore, one fully renovated unit remains vacant, offering the potential for market rent or Airbnb, thereby increasing cash flow. This remarkable property is available at an attractive 6.06% capitalization rate, with a Gross Income of $138,000, Total Expenses of $42,300(2022)/($25,343 Jan-Sept 2023), and a Net Income of $91,247 (2022). As a result, the new owner can confidently anticipate minimal capital expenditures in the coming years. It is important to note that a fire inspection will be completed prior to the title search for all prospective buyers. Unit #1 will be vacant as of November 1st. (id:11882)
| MLS® Number | 40501669 |
| Property Type | Multi-family |
| Amenities Near By | Airport, Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Community Features | High Traffic Area, Community Centre, School Bus |
| Features | Laundry- Coin Operated |
| Parking Space Total | 14 |
| Bathroom Total | 8 |
| Bedrooms Total | 14 |
| Basement Type | None |
| Construction Material | Concrete Block, Concrete Walls |
| Cooling Type | None |
| Exterior Finish | Brick, Concrete |
| Foundation Type | Brick |
| Heating Fuel | Natural Gas |
| Stories Total | 2 |
| Size Interior | 7600 |
| Utility Water | Municipal Water |
| Access Type | Road Access, Highway Access |
| Acreage | No |
| Land Amenities | Airport, Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 132 Ft |
| Size Frontage | 69 Ft |
| Size Total Text | Under 1/2 Acre |
| Zoning Description | C1 |
https://www.realtor.ca/real-estate/26222341/364-370-mcintyre-street-w-north-bay
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA's Data Distribution Facility (DDF®)
Excellent Investment Opportunity: 364-370 McIntyre St. West. This property boasts a comprehensive modern renovation of all seven residential units, complemented by two commercial spaces. Notably, its favorable C1 zoning permits year-round Airbnb usage, a rarity in North Bay. The property offers ample parking space for up to 14 vehicles, enhancing convenience and appeal for tenants. There is significant potential to substantially increase cash flow over time, as most units are currently rented below market rates, with no recent rent increases. Furthermore, one fully renovated unit remains vacant, offering the potential for market rent or Airbnb, thereby increasing cash flow. This remarkable property is available at an attractive 6.06% capitalization rate, with a Gross Income of $138,000, Total Expenses of $42,300(2022)/($25,343 Jan-Sept 2023), and a Net Income of $91,247 (2022). As a result, the new owner can confidently anticipate minimal capital expenditures in the coming years. It is important to note that a fire inspection will be completed prior to the title search for all prospective buyers. Unit #1 will be vacant as of November 1st. (id:11882)
| MLS® Number | 40501669 |
| Property Type | Multi-family |
| Amenities Near By | Airport, Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Community Features | High Traffic Area, Community Centre, School Bus |
| Features | Laundry- Coin Operated |
| Parking Space Total | 14 |
| Bathroom Total | 8 |
| Bedrooms Total | 14 |
| Basement Type | None |
| Construction Material | Concrete Block, Concrete Walls |
| Cooling Type | None |
| Exterior Finish | Brick, Concrete |
| Foundation Type | Brick |
| Heating Fuel | Natural Gas |
| Stories Total | 2 |
| Size Interior | 7600 |
| Utility Water | Municipal Water |
| Access Type | Road Access, Highway Access |
| Acreage | No |
| Land Amenities | Airport, Golf Nearby, Hospital, Park, Place Of Worship, Playground, Public Transit, Schools, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 132 Ft |
| Size Frontage | 69 Ft |
| Size Total Text | Under 1/2 Acre |
| Zoning Description | C1 |
https://www.realtor.ca/real-estate/26222341/364-370-mcintyre-street-w-north-bay
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA's Data Distribution Facility (DDF®)
