1009 Algonquin Avenue, North Bay (West End), Ontario P1B4X9

Property Description

Investor opportunity in North Bay !1009 Algonquin Avenue, A 5-unit mixed-use investment property. This is a retail or office building with 3 residential apartments, offering both commercial income and residential upside. The property has 2 commercial units currently generating approximately $2,000 per month combined, with one on a one-year lease and the other on a two-year lease. Both commercial tenants pay their own hydro. The 3 residential units consist of 2 one-bedroom and 1 two-bedroom apartment. All three will be vacant by August 30, giving the new owner the opportunity to choose their own tenants. The property has five separate hydro meters and approximately four parking spaces at the rear, with potential for two additional spaces on the side. When fully rented, the property generated approximately $78,000 per year, with historical expenses of approximately $16,000 to $18,000 per year. At the asking price, the estimated cap rate is approximately 13.6%.If you're looking for a property with existing commercial income and strong residential upside, this one is worth a look. (id:5764)