550 Lakeshore Drive, North Bay, ON P1A 2E6
North Bay
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.
Estimate only - excludes property tax, condo fees, utilities and home insurance. Rates vary by lender and term; based on semi-annual compounding.
Walkability, transit, and bike-friendliness for 550 Lakeshore Drive, North Bay, ON P1A 2E6
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MLS# X13172154
Listed by ROYAL LEPAGE TERREQUITY REALTY
On market since May 25, 2026
550 Lakeshore Drive, North Bay, ON P1A 2E6 is listed for $1,599,999 CAD.
550 Lakeshore Drive, North Bay, ON P1A 2E6 has 15 bedrooms and 7 bathrooms.
550 Lakeshore Drive, North Bay, ON P1A 2E6 is a Multiplex.
550 Lakeshore Drive, North Bay, ON P1A 2E6 is in North Bay, Ontario.
550 Lakeshore Drive, North Bay, ON P1A 2E6 is currently for sale.
Contact Alex Morgan at +16471112222 to arrange a private showing of 550 Lakeshore Drive, North Bay, ON P1A 2E6 (MLS# X13172154). You can also send a message through the contact form on this site.
