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$ 1,599,999
Est. payment /mo
New
550 LAKESHORE DRIVE North Bay (ferris), ON P1A2E6
15 Beds
7 Baths
3,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Approx. Sqft 3500 - 5000
Square Footage 3,500 sqft
Price per Sqft $457
Subdivision Ferris
MLS® Listing ID X13172154
Bedrooms 15
Property Description
Rare opportunity to acquire a well-established 6+1 unit income property on an approximately 0.80-acre parcel along a prime stretch of Lakeshore Drive in North Bay. The property offers an attractive existing unit mix, including six 2-bedroom units and one 3-bedroom unit, and additional below-grade / partially completed space, creating meaningful upside through rent normalization, targeted unit improvements, and longer-term redevelopment potential. The property provides flexibility for investors, end-users, builders, and developers. Maintain the asset as an income-producing property, renovate to enhance value, optimize the existing unit mix, or explore redevelopment opportunities. Stabilized market rent projections indicate materially improved income performance, with further upside available through unit optimization. Under the existing R6 zoning, a conceptual redevelopment plan indicates potential for a 16-unit stacked townhouse format with approximately 25,000 sq. ft. of buildable area. Additional upside may also be available through a future rezoning to RM3, which could potentially support a 3 to 4 storey apartment building, subject to municipal review and approvals. Current rental income provides holding stability with substantial rent normalization upside while redevelopment plans are evaluated, making 550 Lakeshore a compelling opportunity to secure a foothold in one of North Bay's evolving residential corridors. Buyer to conduct their own due diligence regarding zoning, rents, expenses, unit mix, permitted uses, development potential, and future approvals. The property located along a transit-supported arterial corridor, the site is close to shops, restaurants, parks, schools, public transit, and surrounding residential amenities. The area continues to benefit from growth and intensification initiatives supporting a broader range of housing options over time. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Baseboard heaters
Cooling None
Exterior
Parking Features No
Fence Fenced yard
View Y/N No
Attached Garage No
Total Parking Spaces 12
Garage No
Private Pool No
Building
Sewer Sanitary sewer
Listed by ROYAL LEPAGE TERREQUITY REALTY
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