Space
Finished area and layout
- Building Area
- 3,025 sqft
3,025 sqft
Building Area
Property Snapshot
Key details for this listing
Property
Type, style and structure
- Type
- commercial
- Style
- investment / Mixed Use
Lot
Land, frontage and setting
- Zoning
- C1
Costs
Price, taxes and monthly charges
About This Property
This investment in North Bay offers 3,025 sqft of building area. The property has zoned C1. The home features partial.
MLS Remarks
****$489,000 | 10.07% CAP RATE (BASED ON REPORTED EXPENSES) | 5 INCOME STREAMS | FULLY TENANTED!**INVESTORS TAKE NOTICE! An excellent opportunity to acquire a fully occupied, income-producing mixed-use property in the heart of downtown North Bay. Featuring a spacious main-floor commercial unit and FOUR residential apartments, this well-maintained building provides five established income streams under one roof.THE NUMBERS SPEAK FOR THEMSELVES! Annual gross income of $72,626 with reported operating expenses of $23,403, producing a Net Operating Income (NOI) of $49,223. At the asking price of $489,000, this represents an attractive 10.07% capitalization rate based on reported expenses. Operating expenses include allowances for 3% vacancy and 5% maintenance. Property management and snow removal are excluded and may vary according to the purchaser's operating arrangements.WHY CONSIDER THIS INVESTMENT? Unlike vacant properties requiring immediate leasing, this building is fully tenanted, offering established rental income from day one. Four residential apartments provide multiple sources of rental revenue, complemented by the commercial space. This combination offers income diversification within a single property.LOCATION MATTERS! Situated along Main Street in downtown North Bay, the property benefits from commercial exposure, pedestrian activity and proximity to shopping, restaurants, professional services and community amenities. The central location supports both residential and commercial rental appeal.Whether you are expanding an existing investment portfolio or purchasing your first mixed-use income property, 187 Main Street W offers an opportunity to acquire an established, income-producing asset at a competitive asking price.**Financial information is based on seller-provided figures and stated allowances.
Full Listing Details
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