, North Bay

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$399,000

Residential Commercial Mix Residential Income Generating

6 cottages rented long term 105' on Lake Nipissing in North Bay

Resort 6 cottages with long term rentals fronting 105' on Lake Nipissing in North Bay

this property operated previously as short-term 'tourist' accommodations however the buildings fell into dis-repair and in the mid 1990's its use switched to long-term monthly rentals. Buildings are older and have numerous issues. Most have no foundation and are sitting on the ground/sand. Interiors of all units are 'rough'. Regular maintenance allows rentals to remain serviceable and occupancy rate is high. Lakeside break wall is engineered and constructed to NBMCA specifications. Current and C-7 uses may be continued.
 
Units identified as #5/6 are the original house which could be renovated and re-united to form a proper residence while the other units would need major upgrading or rebuilding if a change in use was to be considered. Still, the location has incredible potential for short-term/hospitality/business lodging as it is on the lake and situated across the road from the 'big boys' - the Best Western, Travelodge, and Comfort Inn as well as smaller accommodation providers - none of which have a Lakefront location.
 
Owner purchased the property in 2002 with intention to develop for a Lakefront Motel (there are no motel rooms available on the Lake in North Bay) and a business plan was developed and bank financing obtained for the project. In 2007 the owner's life situation changed and the plan was shelved. The property is now (2013) offered for sale as the owner has retired.
 
Presently set up for ongoing rental income … $70k gross income and $45k net
Financials available for the last few years (long-term rentals).
Lot size 105ft x 165ft deep
Municipal Water/Sewer
Survey available
Property to be sold as is.
Possible VTB mortgage.

Property taxes $5,000. Asking price $399k REDUCED AGAIN
See it at http://www.ongeorgianbay.ca/listings/036
or
http://www.real-estate-ontario.ca/Listing/ViewListingDetails.aspx?ListingID=90786972
http://youtu.be/NlrMVYgAzgM


Check out my listings at http://www.onGeorgianBay.ca and http://www.real-estate-ontario.ca

I can help you to secure financing … If you are not fully qualified to borrow from an institution,
I have many PRIVATE LENDERS who will provide you with first or second mortgage
EVEN IF YOU HAVE HORRIBLE CREDIT, Bankruptcy, Mortgage Arrears, Tax Arrears,
Power of Sale, UNEMPLOYMENT, Self-Employment, Pension Income, Disability Income
Mortgage Broker License # M08005302 with I Do Mortgages in Victoria Harbour, ON
IAmDoingMortgages@gmail.com
www.I-Do-Mortgages.ca

1.4 acres building lot with sandy beach and rocks within 18,000 acres provincial park 295' on North Channel of Lake Huron
world class sailing on mainland but can be accessed by water or air only due to the fact that it is surrounded by 18,000 acres of provincial park
which is not open to public and therefore there are no roads or trails
backing into quartz covered mountains
hunting is allowed in the park according to MNR ...
see it at http://www.youtube.com/watch?v=IyDI29-D9r4 ... it's for sale ... make me an offer

Thank you ... Enjoy your day !
Life is ten percent what you make it, and ninety percent how you take it !
When the power of love overcomes the love of power, the world will know peace.

Andrew Sobczak
Broker of Record
On Georgian Bay Real Estate Inc.
Real Estate Brokerage
RR2, Box 174, Victoria Harbour, ON, L0K 2A0
cell # 705 543 1341
internet fax 270 738 8152
onGeorgianBay@gmail.com
IamRealtor@iCloud.com
www.onGeorgianBay.ca
www.real-estate-ontario.ca
www.youtube.com/user/RealEstateOntarioCan
howrealtorshelp.ca
follow me on Twitter twitter.com/onGeorgianBay

I am selling real estate in Ontario, Canada ...
promoting country living at its best ... and great investments.
I do mortgages as well ...

Realtors can show any listing on MLS. Why not make it easy on yourself and have one Realtor work for you?
I consider a referral the most valuable compliment a client can give me and I always treat prospects referred to me with respect, honesty and professional approach. Keep them coming ...

9 things FSBO companies don’t want consumers know … http://www.remonline.com/?p=19008
5 things to know when selling home by yourself … http://goo.gl/qZJZe5

Not intended to solicit buyers or sellers currently under contract.

Details:

Size: 0 sq. ft.

Bedrooms: 5+

Lot Size: 105ft x 165ft

Bathrooms: 3+

Andrew Sobczak :: Broker, On Georgian Bay Real Estate Inc.

705 543 1341

Victoria Harbour, Ontario

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