1012 Victoria Ave. E.
Thunder Bay, Ontario
Multi-family
Well-maintained mixed-use investment property featuring a 4-plex plus a small commercial unit on a high-visibility main arterial street. Currently partially rented, with Apartment 1 vacant and fully demolished for future redevelopment, and Apartment 3 fully renovated in 2025, offering strong value-add and lease-up potential. This solid asset benefits from extensive upgrades, including five updated electrical panels, interconnected smoke alarms, newer boiler and chimney, commercial and main roof replacements, select window upgrades, and an owned hot water tank. Apartments 1, 2, and 4 feature updated vanities and modern laminate flooring, while all bathrooms include low-flush toilets. With separate hydro metering, strong infrastructure, and clear upside through renovation and repositioning, this property presents an excellent opportunity for investors seeking cash flow and long-term growth.
Price History
Schools
Elementary
- Pope John Paul II Elementary School0.4 km
Catholic · Thunder Bay CDSB · 530 students
- McKellar Park Central Public School0.4 km
Public · Lakehead DSB · 130 students
Grade 3 reading: 90% met the provincial standard · Grade 6 math: 7% met the provincial standard
- St Elizabeth Catholic Elementary School1.3 km
Catholic · Thunder Bay CDSB · 255 students
Grade 3 reading: 85% met the provincial standard · Grade 6 math: 48% met the provincial standard
Secondary
- St Patrick High School1.2 km
Catholic · Thunder Bay CDSB · 1030 students
Grade 10 literacy: 76% met the provincial standard
- TB Catholic Alternative Education1.2 km
Catholic · Thunder Bay CDSB
- Lakehead Alternative School1.3 km
Public · Lakehead DSB
Straight-line distance. Nearby schools are not necessarily the assigned schools — confirm catchment with the school board. Scores are EQAO provincial test results for 2024-2025.
Community
Postal area P7C
- Population
- 21,695
- Private dwellings
- 10,098
- Median age
- 42.4
- Average household size
- 2.2
- Median household income
- $72,500
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Multi-family in Thunder Bay · last 12 months
- Median sold price
- $415,000
- Homes sold
- 281
- Median days on market
- 14
- Sale-to-list price
- 107.2%
Based on 281 recorded sales of multi-family properties in Thunder Bay over the last 12 months.
Location
Street View
Mortgage Calculator
$83,980
Estimated Monthly Payment
$2,063
Investment Analysis
No recent nearby lease data. Enter a rent to see the numbers.
Mortgage: $2,063/mo (20% down, 5.5%)
Taxes: $0/mo · Insurance: $105/mo
Estimates only. Consult a financial advisor.
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