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$999,900
Est. payment /mo
16 Beds
13 Baths
0.5 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 3500-5000
Subdivision College Heights
MLS Listing ID X12368090
Style 1 1/2 Storey
Bedrooms 16
Annual Tax Amount $11,642
Tax Year 2025
Lot Size 0.500 Acres
Property Sub-Type Multiplex
Property Description
Looking for a strong cash-flowing investment that meets the 1% rule? This turnkey 13-unit residential complex delivers immediate income with excellent upside potential as interest rates decline. Sitting on a 1-acre lot, the property includes a newly renovated 3-bedroom detached home and a 12-unit main building that was rezoned in 2022. The main building offers 11 bachelor units and one 1-bedroom unit. Gross rental income is $138,131 with projected expenses (including management, vacancy, and maintenance) estimated at $63,528.94, resulting in a solid net income before financing of $74,602.06 With 7 units already at or near market rent, there is substantial opportunity to grow returns as the remaining tenancies turn over. The property has been well-documented and carefully maintained, with updates and reports that include: new shingles with ice guard (2023), site plan control with building and parking details, water testing and well reports, zoning confirmations, a 2014 fire retrofit, and detailed income/expense statements. The fully renovated 3-bedroom home was restored by professional fire remediation. Package includes occupancy permits and major updates including electrical, gas furnace, framing, and drywall, all completed to current code. Additional highlights include 5 older septic systems in good working order and a drilled well, supported by engineering reports confirming compliance with MOE guidelines. House is vacated Oct 28 and could be vacant for closing although landlord will be actively advertising it for rent.
Location
Province ON
County Nipissing
Community College Heights
Area Nipissing
Zoning RC Sp.22 with SPC
Rooms
Family Room No
Basement None
Kitchen 13
Interior
Interior Features Water Heater, Water Treatment
Cooling None
Inclusions 13 Fridges, 13 Stoves, Coin Operated Washer & Dryer
Exterior
Pool None
Roof Type Asphalt Shingle
Lot Frontage 210.0
Lot Depth 210.0
Total Parking Spaces 18
Building
Foundation Slab
Others
Senior Community No
Security Features Smoke Detector
ParcelsYN No
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Listed by REALTY EXECUTIVES Local Group Inc. Brokerage
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