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Maria Tompson
Sales Representative
Your Company Name, Brokerage
Independently owned and operated.
sales@bestforagents.com

 

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$1,599,999
Available - For Sale
Listing ID: X13172154
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: $9,910.27
Occupancy by: 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
Washrooms: 7
Family Room: F
Basement: None
No. of Pieces Level
Washroom 1:  4 Main
Washroom 2:  4 Basement
Washroom 3:  0
Washroom 4:  0
Washroom 5:  0
Washroom 6:  4 Main
Washroom 7:  4 Basement
Washroom 8:  0
Washroom 9:  0
Washroom 10:  0
Washroom 11:  4 Main
Washroom 12:  4 Basement
Washroom 13:  0
Washroom 14:  0
Washroom 15:  0
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

550 Lakeshore Drive , North Bay, P1A 2E6, Nipissing

Personal Picture
Maria Tompson
Sales Representative
Dir:
416-548-7854
Bus:
416-548-7854
Fax:
416-981-7184

 
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At a Glance:
Type: Freehold - Multiplex
Area: Nipissing
Municipality: North Bay
Neighbourhood: Ferris
Style: 1 Storey/Apt
Lot Size: x 395.50(Feet)
Approximate Age: 31-50
Tax: $9,910.27
Maintenance Fee: $0
Beds: 15
Baths: 7
Garage: 0
Fireplace: N
Air Conditioning:
Pool: None
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Maria Tompson Sales Representative Your Company Name, Brokerage Independently owned and operated. pic Cell: 416-548-7854 | Office: 416-548-7854 Personal Pic
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