FOR SALE: Resort 6 cottages with long term rentals 105′ on Lake Nipissing in North Bay

December 6, 2014 by  
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FOR SALE: Resort 6 cottages with long term rentals 105' on Lake Nipissing in North Bay

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 pr…
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One Response to “FOR SALE: Resort 6 cottages with long term rentals 105′ on Lake Nipissing in North Bay”
  1. RealEstateOntarioCan says:

    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 deepMunicipal Water/Sewer
    Survey available
    Property to be sold as is.
    Possible VTB mortgage.

    Property taxes $5,000. Asking price $539k
    See it at http://www.ongeorgianbay.ca/listings/036
    or
    http://www.real-estate-ontario.ca/Listing/ViewListingDetails.aspx?ListingID=90786972

    I can help you to secure financing …
    If you are not fully qualified to borrow from an institution, we 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 Essential Mortgages Inc. in
    Oshawa, ON

    Let me help you to sell your property by adding the best market exposure
    through the MLS system with written assurance that you can sell your
    property on your own, during MLS listing, and PAY NO COMMISSION. I can add
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    Check out my listings at http://www.onGeorgianBay.ca and
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    and let me know if you see anything of interest.
    Thank you … Enjoy your day !

    Andrew Sobczak
    Broker of Record
    On Georgian Bay Real Estate Inc.
    Real Estate Brokerage
    RR2, PO Box 174, Victoria Harbour, ON L0K 2A0
    phone 705 543 1341
    email onGeorgianBay@gmail.com
    website http://www.onGeorgianBay.ca
    website http://www.real-estate-ontario.ca
    website http://www.youtube.com/user/RealEstateOntarioCan
    follow me on Twitter http://twitter.com/onGeorgianBay

    I am selling real estate in Ontario, CA …
    promoting country living at its best … and great investments.

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