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550 LAKESHORE DRIVE, North Bay (Ferris)
2026-05-26
Quick Summary
- Location
- 550 LAKESHORE DRIVE, North Bay (Ferris), Ontario P1A2E6
- Price
- $1,599,999
- Status:
- For Sale
- Property Type:
- Multi-family
- Area:
- 3500 - 5000 sqft
- Bedrooms:
- 15
- Bathrooms:
- 7
- Garages:
- 12
MLS®#X13172154
Property Description
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:32467)
Property Features
Ammenities Near By
- Ammenities Near By: Golf Nearby, Place of Worship, Public Transit, Schools
Building
- Basement Type: None
- Cooling Type: None
- Exterior Finish: Wood, Vinyl siding
- Fireplace: No
- Interior Size: 3500 - 5000 sqft
- Building Type: Other
- Utility Water: Municipal water
Features
- Feature: Irregular lot size, Open space, Flat site
Land
- Land Size: 88.1 x 395.5 FT|1/2 - 1.99 acres
- Sewer: Sanitary sewer
Information entered by ROYAL LEPAGE TERREQUITY REALTY
Listing information last updated on: 2026-06-03 15:34:34
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$500,000
Your One Percent Realty Commission savings†
$500,000
†
Savings calculated using One Percent Realty's posted commission rates compared to another agent charging
5% + HST . Not all agents charge the same.
One Percent Realty's top FAQs
We charge a total of $7,950 for residential properties under $400,000. For residential properties $400,000-$900,000 we charge $9,950. For residential properties over $900,000 we charge 1% of the sale price plus $950. Plus Applicable taxes, of course. We also offer the flexibility to offer more commission to the buyer's agent, if you want to. It is as simple as that! For commercial properties, farms, or development properties please contact a One Percent agent directly or fill out the market evaluation form on the bottom right of our website pages and a One Percent agent will get back to you to discuss the particulars.
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