Georgian Bay Real Estate Inc. - Real Estate Brokerage
RR2, PO Box 174, Victoria Harbour, ON, L0K 2A0
tel: 705 543 1341 email: onGeorgianBay@Gmail.com
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
Property to be sold as is.
Possible VTB mortgage.
Property taxes $5k. Asking price $539k