Timmins - SCH - Main Area
Timmins - SCH - Main Area
Sold For$230,000
Listed For $250,000
Sold Jul 2016
THREE STORY HOTEL ON BUSY STREET IN SCHUMACHER, ON. THE BAR IS ON THE FIRST FLOOR. THERE ARE 9 ROOMS ON THE SECOND FLOOR THAT RENT FOR $400-425 MONTH W/ COMMON BATHROOMS. ON THE THIRD FLOOR, THERE IS A MASSIVE APARTMENT THAT RUNS THE LENGTH OF THE BUILDING. IT HAS 5 BEDROOMS & 2 BATHROOMS. IT WOULD MAKE A GREAT LIVING QUARTER FOR A NEW OWNER/OPERATOR OR IT COULD BE USED AS A RENTAL UNIT. WITH THE APARTMENT RENTED AT $1200 MONTH & THE 9 ROOMS AT $400/MONTH, THIS PROPERTY HAS A GROSS POTENTIAL INCOME OF $57,600/YEAR WITHOUT COUNTING ANY INCOME FROM THE MAIN FLOOR BUSINESS. THE BAR IS STILL VERY ACTIVE. THE LISTING AGENT HAS 2 YEARS OF FINANCIALS ON FILE FOR SERIOUS BUYERS. SELLER IS WILLING TO CARRY SOME FINANCING FOR A SUITABLE BUYER
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