550 Lakeshore Drive
North Bay, ON
- 15 bed
- 7 bath
- approx. 3500-5000 sqft
- Multiplex
- 108 days on market
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.
Listing Details
- Taxes (2025)
- $9,910
- Listed
- May 25, 2026
Price History
Property
- Style
- 1 Storey/Apt
- Age
- 31-50
- Construction
- Wood, Vinyl Siding
- Roof
- Asphalt Shingle, Shingles
- Foundation
- Concrete Block, Wood
- Interior
- None
- Lot Size
- 88.07 x 395.5 Feet
Parking
- Garage
- None
- Covered Spaces
- 0
- Total Parking
- 12
Utilities
- Sewer
- Sewer
- Heat Source
- Gas
Location & Legal
- Cross Street
- Hwy 11N to Lakeshore Dr.
- Parcel Number
- 491740159
- Possession
- 30-59 days
- Occupancy
- Tenant
Included
- Inclusions
- None
- Exclusions
- Tenants personal belongings
- Rental Items
- Hot water heater
Schools
Elementary
- Sunset Park Public School0.5 km
Public · Near North DSB · 380 students
Grade 3 reading: 50% met the provincial standard · Grade 6 math: 29% met the provincial standard
- West Ferris Intermediate3.2 km
Public · Near North DSB · 265 students
- St Theresa School3.6 km
Catholic · Nipissing-Parry Sound CDSB · 355 students
Grade 3 reading: 51% met the provincial standard · Grade 6 math: 41% met the provincial standard
Secondary
- West Ferris Secondary School3.2 km
Public · Near North DSB · 770 students
Grade 10 literacy: 87% met the provincial standard
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 P1A
- Population
- 16,959
- Private dwellings
- 7,785
- Median age
- 44.8
- Average household size
- 2.2
- Median household income
- $74,000
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
Residential Freehold in North Bay · last 12 months
- Median sold price
- $430,000
- Homes sold
- 705
- Median days on market
- 16
- Sale-to-list price
- 99.5%
Based on 705 recorded sales of residential freehold properties in North Bay over the last 12 months.
Listed by
ROYAL LEPAGE TERREQUITY REALTY
Walk Score
Walk
Bike
Scores by Walk Score®
Location
Street View
Mortgage Calculator
$320,000
Estimated Monthly Payment
$7,860
Land transfer tax
Ontario land transfer tax only. An estimate — not legal or financial advice. Municipal land transfer tax applies in Toronto and is not included.
Investment Analysis
No recent nearby lease data. Enter a rent to see the numbers.
Mortgage: $7,860/mo (20% down, 5.5%)
Taxes: $826/mo · Insurance: $400/mo
Estimates only. Consult a financial advisor.
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