1/27221 ALGONQUIN AVENUE, North Bay (Central)
221 ALGONQUIN AVENUE, North Bay (Central), ON P1B4V8
$2.9M total
20,500 SF
Asset Class
Multifamily
Size
20,500 SF
Building class
B
Zoning
RF6 — Medium Density
$ / SF
$141
Occupancy
90%
About this property
This well-positioned multi-use property offers an attractive combination of residential and commercial income potential. The building features 18 one-bedroom apartments and 4 commercial spaces, providing a diverse tenant mix and multiple revenue streams. Located at a highly visible downtown intersection, the property is C-1 zoned and offers excellent exposure. Select residential units feature water views, with North Bay's scenic waterfront and downtown amenities just moments away. Additional features include approximately 25 parking spaces, three sets of new cashless digital operated washers and dryers under lease agreement with Sparkle solutions , and a hot water boiler heating system updated in 2011. The membrane roof coverings were updated in 2012. A Phase 1 environmental report, survey, income and expense statements, and additional supporting documentation are available through the listing brokerage. An excellent opportunity for investors seeking a substantial mixed-use asset with existing income, additional upside potential, flexible commercial opportunities, and a prime downtown location. (id:66811)
Financial sandbox
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Monthly debt service
$13K
Projected NOI
$96K
Annual cash flow
$-65K
Cash-on-cash
-7.44%
DSCR
0.60
Going-in cap
3.31%
Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.
Rent roll (estimated)
| Tenant | Area | Expiry |
|---|---|---|
| Vector Robotics | 7,138 SF | 2029-04 |
| Vector Robotics | 4,403 SF | 2029-04 |
| Vector Robotics | 6,970 SF | 2029-04 |
Area demographics
Trade area within 3 miles of the property.
Population
118,347
Households
45,653
Median income
$136,000
Median age
36.7
Daytime population
142,540
5-yr growth
5.1%
Modelled estimates for illustration until a licensed census data provider is connected.
Secure deal room
Confidential diligence documents for 221 ALGONQUIN AVENUE, North Bay (Central).
Offering Memorandum
PDF · 4.2 MB
Rent Roll & T-12
XLSX · 820 KB
Environmental Phase I
PDF · 6.7 MB
Site Survey & Plans
PDF · 11.4 MB
Zoning Confirmation Letter
PDF · 310 KB
Preview experience — the electronic NDA is illustrative and is not a binding agreement.