North Bay - College Heights
North Bay - College Heights
Listed For $999,900
Get Pre-approvedAdded 9 months ago
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 $136,573 with projected expenses (including management, vacancy, and maintenance) estimated at $54,169, resulting in a solid net income before financing of $78,307. With 7 of the 13 units already at or near market rent, there is substantial opportunity to grow returns as the remaining 6 tenancies turn over. The property has been well-documented and carefully maintained,
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* Values are estimates only and not a guarantee of lending or affordability.