1009 Algonquin Avenue, North Bay (West End) - Business for Sale
1009 Algonquin Avenue, North Bay (West End), Ontario, P1B4X9
This business in North Bay is for sale offering roughly 4,015 sq ft of space. It has been on the market 1 day, fresher than the North Bay average of 41 days.
Description
Investor opportunity in North Bay !1009 Algonquin Avenue, A 5-unit mixed-use investment property. (PRE-INSPECTED for your peace of mind) This is a retail or office building with 3 residential apartments, offering both commercial income and residential upside. The property has 2 commercial units currently generating approximately $2,000 per month combined, with one on a month-to-month lease (all in one paint shop) and the other on a two-year lease (Manga Market). Both commercial tenants pay their own hydro. The 3 residential units consist of 2 one-bedroom and 1 two-bedroom apartments. All three units are vacant, giving the new owner the opportunity to choose their own tenants. The property has five separate hydro meters and approximately four parking spaces at the rear, with potential for two additional spaces on the side. When fully rented, the property generated approximately $78,000 per year, with historical expenses (excluding mortgage) of approximately $16,000 to $18,000 per year. If you're looking for a property with existing commercial income and strong residential upside, this one is worth a look. (id:66096)
Property Details
- MLS®
- X14145458
- Property Type
- Business
- Zoning
- C4
- Bathrooms
- 5
- Parking
- 4
- Interior Size
- 4,015 ft²
- Lot Size
- 4,015 sq ft
- Frontage
- 34 ft
- Building Area
- 4,015 ft²
- Heating
- Hot water radiator heat, Baseboard heaters, Natural gas
- Cooling
- None
- Property Tax
- $10,169/yr
- Listed
- Yesterday
Services
- Water
- Municipal water
Features and services as supplied by the listing brokerage.
Market Timing
Just listed: 1 day on market, against an average age of 41 days across the listings currently for sale in this city
Homes here sell faster than most markets
Sold homes in this market spent an average of 27 days on the market over the past year, against a median of 48 days across the markets we publish.
Homes here sell close to asking price
Homes in this market sold for an average of 98.6 percent of their asking price over the past year, above the 96.4 percent median across the markets we publish.
This business in North Bay (West End) has been listed for 1 day, which is 40 days fresher than the city average of 41. Act while there is still low competition.
Location
Approximate location — exact address confirmed upon showing
Nearby Places
Neighbourhood profile (P1B)
This home lists at $399,999, about 6.1× the local median household income of $66,000.
Carrying it typically needs a household income of about $78,134 (20% down, 25-yr amortization, stress-tested) — roughly 18% above the area median.
- Median household income
- $66,000
- Population
- 33,113
- Median age
- 44.4
- Owner / renter
- 57% / 43%
- Avg. household size
- 2.1
Source: Statistics Canada, 2021 Census (FSA P1B)
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$399,999
North Bay