608-618 Lorne Avenue, North Bay (Central), Ontario

About 608-618 Lorne Avenue

This 11-unit residential purpose-built comples delivers immediate cash flow and stands out as a turnkey investment opportunity with strong cash flow and significant principal recapture after mortgage payments. Located on a quiet street just off Algonquin Ave., the property consists entirely of eleven 2-bedromm units that have undergone major renovations, including comprehensive updates to all kitchens, bathrooms, flooring, trim, lighting, paint, and more. From a financail perspective, the asset generates a gross rental invome of $273,436 with estimated operating expenses of $80,979 (inclusive of management, vacancy, and maintenance), resulting in a solid net income before financing of $192,457 and a highly competitive 6.52% cap rate. Features include hot water boiler system, secure security doors, and 15 dedicated spaces, while the utility framework structures all rents plus hydro. Adding to it's long-term tenant appeal, the building is situated within easy walking distance of local shopping, neighborhood restaurants, and the main bus route on Algonquin Ave itself. Please note that the listing photos provided were taken previous to the tenants moving into the units. (id:6289)

More Info on this Central Other MLS® listing

608-618 Lorne Avenue is an other listing for sale in North Bay (Central). The MLS® number is X14103574. It features 22 bedrooms, 11 bathrooms. It's currently listed for $2,950,000. For more details on MLS® X14103574, including price history, disclosures, or to schedule a private showing, fill out the form on this page. This other listing in Central is available now!

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