550 Lakeshore Drive North Bay, Ontario P1A 2E6
$1,599,999
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. (id:62616)
Property Details
| MLS® Number | X13172154 |
| Property Type | Multi-family |
| Community Name | Ferris |
| Amenities Near By | Golf Nearby, Place Of Worship, Public Transit, Schools |
| Equipment Type | Water Heater |
| Features | Irregular Lot Size, Open Space, Flat Site |
| Parking Space Total | 12 |
| Rental Equipment Type | Water Heater |
Building
| Bathroom Total | 7 |
| Bedrooms Above Ground | 15 |
| Bedrooms Total | 15 |
| Age | 31 To 50 Years |
| Basement Type | None |
| Cooling Type | None |
| Exterior Finish | Wood, Vinyl Siding |
| Foundation Type | Block, Wood |
| Heating Fuel | Natural Gas |
| Heating Type | Baseboard Heaters |
| Size Interior | 3,500 - 5,000 Sqft |
| Type | Other |
| Utility Water | Municipal Water |
Parking
| No Garage |
Land
| Acreage | No |
| Fence Type | Fenced Yard |
| Land Amenities | Golf Nearby, Place Of Worship, Public Transit, Schools |
| Sewer | Sanitary Sewer |
| Size Depth | 395 Ft ,6 In |
| Size Frontage | 88 Ft ,1 In |
| Size Irregular | 88.1 X 395.5 Ft |
| Size Total Text | 88.1 X 395.5 Ft|1/2 - 1.99 Acres |
Utilities
| Electricity | Installed |
| Sewer | Installed |
https://www.realtor.ca/real-estate/29803053/550-lakeshore-drive-north-bay-ferris-ferris
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May 25 2026 10:24:51
Toronto Regional Real Estate Board
Royal LePage Terrequity Realty