For Sale: 550 Lakeshore Drive, North Bay, ON - REW
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$1,599,999
15 bd • 7 ba • 3500 - 5000 sf • Apt/Condo
550 Lakeshore Drive
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$1,599,999
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550 Lakeshore DriveNorth Bay, ON, P1A 2E6

  • 15 Bed
  • 7 Bath
  • 3500 - 5000 Sqft
  • Apt/Condo

About this home

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.
Listed by: Maxim Mendes, Broker, ROYAL LEPAGE TERREQUITY REALTY

Home facts and features

Price details
List Price
$1,599,999
Get Pre-Approved
Gross Taxes for 2025
$9,910
Home facts
Bedrooms
15
Full Bathrooms
7
Parking Spaces
12
Parking Details
Available
Property Type
Apt/Condo
Year Built
31 - 50 yrs old
Exterior Finish
Wood , Vinyl Siding
Heating Type
Baseboard, Gas
Features
Fenced Yard, Golf, Lake Access, Place Of Worship, Public Transit, School
Agent details
Primary Agent
Primary Broker
ROYAL LEPAGE TERREQUITY REALTY
Secondary Agent
Secondary Broker
ROYAL LEPAGE TERREQUITY REALTY
Listing details
Days on REW
13 Days
MLS® Number
X13172154
Source
Toronto Real Estate Board
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25 Years
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Property Insights

West Ferris School
  • Public
  • 7 - 12
Our Lady of Fatima School
  • Catholic
  • JK - 8
É Saint-Raymond
  • Catholic
  • JK - 6
St Francis School
  • Catholic
  • JK - 6
Sunset Park Public School
  • Public
  • JK - 6
É Sép Saint-Vincent
  • Catholic
  • JK - 6
Silver Birches Elementary School
  • Public
  • JK - 6
ÉS Cochrane
  • Public
  • 9 - 12
School catchments and distances are intended to be used as reference only. To verify enrolment eligibility for a property, contact the school directly.Report Incorrect Info
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Listing data is subject to copyright, disclaimer, and additional requirements from the data provider. See our Terms of Use for terms applicable to this listing. Listing data was last updated on 2026-06-07.
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Broker
Maxim Mendes
Phone:
905-812-9000
Office:
905-812-9000
Broker
Nancy Mendes
Phone:
905-812-9000
Office:
905-812-9000
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