$1,599,999
Available - For Sale
Listing ID: X13172154
550 Lakeshore Drive , North Bay, P1A 2E6, Nipissing
| 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. |
| Price | $1,599,999 |
| Taxes: | $9910.27 |
| Occupancy: | Tenant |
| Address: | 550 Lakeshore Drive , North Bay, P1A 2E6, Nipissing |
| Acreage: | .50-1.99 |
| Directions/Cross Streets: | Hwy 11N to Lakeshore Dr. |
| Rooms: | 12 |
| Bedrooms: | 15 |
| Bedrooms +: | 0 |
| Family Room: | F |
| Basement: | None |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 4 | Main |
| Washroom Type 2 | 4 | Basement |
| Washroom Type 3 | 0 | |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 |
| Total Area: | 0.00 |
| Approximatly Age: | 31-50 |
| Property Type: | Multiplex |
| Style: | 1 Storey/Apt |
| Exterior: | Wood , Vinyl Siding |
| Garage Type: | None |
| (Parking/)Drive: | Available |
| Drive Parking Spaces: | 12 |
| Park #1 | |
| Parking Type: | Available |
| Park #2 | |
| Parking Type: | Available |
| Pool: | None |
| Approximatly Age: | 31-50 |
| Approximatly Square Footage: | 3500-5000 |
| Property Features: | Fenced Yard, Golf |
| CAC Included: | N |
| Water Included: | N |
| Cabel TV Included: | N |
| Common Elements Included: | N |
| Heat Included: | N |
| Parking Included: | N |
| Condo Tax Included: | N |
| Building Insurance Included: | N |
| Fireplace/Stove: | N |
| Heat Type: | Baseboard |
| Central Air Conditioning: | None |
| Central Vac: | N |
| Laundry Level: | Syste |
| Ensuite Laundry: | F |
| Elevator Lift: | False |
| Sewers: | Sewer |
| Utilities-Cable: | N |
| Utilities-Hydro: | Y |
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| ROYAL LEPAGE TERREQUITY REALTY |
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|
Freda Ziba
Sales Representative
Dir:
647-997-2120
Bus:
905-764-7111
Fax:
905-764-1274
| Book Showing | Email a Friend |
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At a Glance:
| Type: | Freehold - Multiplex |
| Area: | Nipissing |
| Municipality: | North Bay |
| Neighbourhood: | Ferris |
| Style: | 1 Storey/Apt |
| Approximate Age: | 31-50 |
| Tax: | $9,910.27 |
| Beds: | 15 |
| Baths: | 7 |
| Fireplace: | N |
| Pool: | None |
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