Seller is willing to provide a second mortgage (VTB) of up to $700,000 at an annual interest rate of 2% to help with the down payment. Additionally, buyer financing of up to $2,700,000 may be available from third-party lenders, subject to the lender's credit approval and usual lending conditions. This creates an exceptional and rare investment opportunity to acquire a property that has 10 detached homes with waterfront land. The current homes are generating substantial revenue, so you can keep this property for long-term growth while exploring the redevelopment potential for a 45+ suite hotel! The property includes five separate lots (five PINs: PIN 490790239, PIN 490790992, PIN 490790228, PIN 490790240, PIN 490790992), currently featuring ten detached homes, one large and one smaller workshop, and approximately 350 feet of water frontage on Minnehaha Bay, part of Lake Nipissing, in Sturgeon Falls (approximately 3 hours north of the GTA). The site is within walking distance of downtown Sturgeon Falls and located approximately 20 minutes west of North Bay, 1 hour south of Sudbury, and roughly 3 hours north of the GTA. This unique location is fully serviced by all municipal utilities, already zoned to build a hotel, and has a clean Phase 1 report, making it an excellent candidate as a hotel site for future development. Initial concept drawings are available on request. (id:51158)
| Business Type | Residential |
| Business Sub Type | Apartments |
| MLS® Number | X12543974 |
| Property Type | Multi-family |
| Community Name | Sturgeon Falls |
| Amenities Near By | Highway, Recreation |
| Cooling Type | Partially Air Conditioned |
| Heating Type | Baseboard Heaters |
| Size Interior | 2 Acres |
| Type | Multi-family |
| Utility Water | Municipal Water |
| Acreage | Yes |
| Land Amenities | Highway, Recreation |
| Size Depth | 315 Ft |
| Size Frontage | 326 Ft |
| Size Irregular | 2.3 |
| Size Total | 2.3 Ac |
| Size Total Text | 2.3 Ac |
| Zoning Description | Commercial Mix |
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