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Key Details
Sold Price $550,000
Property Type Commercial
Sub Type Industrial,Building and Land
Listing Status Sold
Purchase Type For Sale
Square Footage 5,637 sqft
Price per Sqft $97
MLS Listing ID 40551358
Year Built 1998
Annual Tax Amount $12,057
Property Description
Investment opportunity. The premises leased to His Majesty the King in Right of Ontario are in their 4th term of a Lease agreement. This fourth extension term commenced February 1st, 2024, with the expiry of January 31, 2029. The occupant is the Ministry of the Environment.
Base Rent for this fourth term is $9.40 per square foot for the rentable area of 5637 square feet for a total net rent of $52987 yearly.
The Tenant has the right to terminate the lease after July 31, 2026, with a 12-month prior notice. The Tenant has also requested one further option to extend the lease for a five-year period.
The Nipissing Condominium #36 operating and reserve statements are available to an interested purchaser upon signature of the confidentiality agreement.
Location
Province ON
County Nipissing
Area North Bay
Zoning MBP Sp.25
Rooms
Kitchen 0
Exterior
Exterior Feature Dock Height Loading, Storage
Garage Asphalt, Guest
Fence Fenced
Utilities Available Electricity Connected, Fibre Optics, Garbage/Sanitary Collection, Natural Gas Connected, Recycling Pickup, Street Lights, Phone Connected
Waterfront No
Building
Lot Description Rectangular, Industrial Park, Public Transit
Story 1
Foundation Poured Concrete, Slab
Sewer Sewer (Municipal)
Water Municipal
Structure Type Block
New Construction No
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