For Sale: 608-618 Lorne Avenue, North Bay, ON - REW
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$2,950,000
22 bd • 11 ba • 5000 - 99999 sf • Multifamily
608-618 Lorne Avenue
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$2,950,000
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608-618 Lorne AvenueNorth Bay, ON, P1B 6X2

  • 22 Bed
  • 11 Bath
  • 5000 - 99999 Sqft
  • Multifamily

About this home

This 11-unit residential purpose-built comples delivers immediate cash flow and stands out as a turnkey investment opportunity with strong cash flow and significant principal recapture after mortgage payments. Located on a quiet street just off Algonquin Ave., the property consists entirely of eleven 2-bedromm units that have undergone major renovations, including comprehensive updates to all kitchens, bathrooms, flooring, trim, lighting, paint, and more. From a financail perspective, the asset generates a gross rental invome of $273,436 with estimated operating expenses of $80,979 (inclusive of management, vacancy, and maintenance), resulting in a solid net income before financing of $192,457 and a highly competitive 6.52% cap rate. Features include hot water boiler system, secure security doors, and 15 dedicated spaces, while the utility framework structures all rents plus hydro. Adding to it's long-term tenant appeal, the building is situated within easy walking distancfe of local shopping, neighborhood restaurants, and the main bus route on Algonquin Ave itself. Please note that the listing photos provided were taken previous to the tenantsw moving into the units. (id:63626)
Listed by: MIKE BURMAN, Broker of Record, REALTY EXECUTIVES Local Group Inc., Brokerage

Home facts and features

Price details
List Price
$2,950,000
Get Pre-Approved
Gross Taxes for 2026
$26,832
Home facts
Bedrooms
22
Full Bathrooms
11
Parking Spaces
15
Parking Details
No Garage
Property Type
Multifamily
Lot Size
125 ft x 96 ft (12000 ft²)
Depth
96 feet
Frontage
125.0 feet
Style
Raised bungalow
Exterior Finish
Steel, Brick
Heating Type
Natural gas
Features
Controlled entry
Appliances
Dryer, Refrigerator, Stove, Washer, Water Heater
Agent details
Primary Agent
MIKE BURMAN
Primary Broker
REALTY EXECUTIVES Local Group Inc., Brokerage
Secondary Agent
JOSEE LAPERLE
Secondary Broker
REALTY EXECUTIVES Local Group Inc., Brokerage
Listing details
Days on REW
1 Day
MLS® Number
X14103574
Source
Canadian Real Estate Association
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25 Years
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3.99%

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Property Insights

St Hubert School
  • Catholic
  • JK - 8
St Joseph-Scollard Hall School
  • Catholic
  • 9 - 12
Algonquin School
  • Catholic
  • 7 - 12
St Alexander School
  • Catholic
  • JK - 6
Mother St Bride School
  • Catholic
  • JK - 8
Alliance French Immersion Public School
  • Public
  • JK - 6
Saint-Vincent School
  • Catholic
  • JK - 12
ÉS Cochrane
  • Public
  • 9 - 12
Chippewa School
  • Public
  • 7 - 12
St. Luke School
  • Catholic
  • JK - 8
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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Call Agent
Broker of Record
MIKE BURMAN
Phone:
(705) 477-4442
Cell:
705-477-4442
Office:
705-478-8588
Salesperson
JOSEE LAPERLE
Phone:
(705) 477-1045
Cell:
705-477-1045
Office:
705-478-8588
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