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$ 1,599,999
Est. payment | /mo
15 Beds
7 Baths
0.77 Acres Lot
$ 1,599,999
Est. payment | /mo
15 Beds
7 Baths
0.77 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 3500-5000
Subdivision Ferris
MLS Listing ID X13172154
Style 1 Storey/Apt
Bedrooms 15
Annual Tax Amount $9,910
Tax Year 2025
Lot Size 0.773 Acres
Property Sub-Type Multiplex
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.
Location
Province ON
County Nipissing
Area Nipissing
Rooms
Basement None
Kitchen 7
Interior
Interior Features None
Cooling None
Inclusions None
Exterior
Parking Features None
Pool None
Roof Type Asphalt Shingle,Shingles
Total Parking Spaces 12
Building
Building Age 31-50
Foundation Concrete Block, Wood
Others
ParcelsYN No
Lited by ROYAL LEPAGE TERREQUITY REALTY
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