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385 & 387 West Street N
Orillia Orillia L3V 5E7

$1,499,000 /For Sale
Commercial

Main Photo: 385 & 387 West Street N: Orillia Commercial for sale : MLS®# S12479016
Photo 1: 385 & 387 West Street N: Orillia Commercial for sale : MLS®# S12479016
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Status:
Active
Prop. Type:
Commercial
MLS® Num:
S12479016
Bus Major:
Apts - 6 To 12 Units
Excellent Investment Opportunity! 387 West St N is being sold together with 385 West St N - both properties must be purchased as a package. 385 West St N features 3 fully rented units. 387 West St N features 5 fully rented units. All tenants on month-to-month terms paying market-value rents. Together, these properties offer a strong, stable income stream and great future development potential. Positive cashflow!! While you get your development plan ready you will also generate a positive cashflow!! Intensification Area Land! Fabulous Investment Opportunity! City of Orillia Official Plan has been consolidated on June 2nd, 2025. All tenants willing to stay. Great Property Manager who takes care of all aspects of the property. Handsfree investment opportunity. The property offer a 190' Frontage By 257' depth (1.12 acres) suitable for redevelopment. The site is located within Orillia's "Intensification Area" designation - a zoning context aimed at supporting higher-density, mixed-use development. Under the City of Orillia Official Plan consolidated on June 2nd, 2025 for the Intensification Area, permitted uses include: - Stand alone multiple unit residential buildings, including all forms of townhouses and apartment buildings - Mixed use buildings combining residential units with retail, service, or office uses - Tourist accommodations, live work units, communal housing (with ancillary services) - Home occupations, elementary & secondary schools, places of worship (Church etc.), child care facilities, stand alone retail/restaurant/office/service commercial uses - Additional dwellings in existing residential dwellings, parks & recreation facilities, and public & private utilities. A Minute Away From Hwy 11. The Convenience Of Shopping, Tim Horton's, Business Depot & Canadian Tire. Close by to Golf, Parks, Baseball diamond and play grounds. Less Than 2 km From Lakehead University. Close To Orillia Square Shopping Center. Right Beside Orchard Park Public School.
Property Type:
Commercial
Property Sub Type:
Investment
Freestanding:
Yes
Approx. Age:
51-99
Total Area:
2700 sq. ft. Square Feet
Total Area:
2,700 sq. ft.
Office/Apt Area:
2700 sq. ft. Sq Ft
Lot Depth:
257'10¾"
Lot Frontage:
190'
Lot Shape:
Rectangular
Lot Details:
190.52 x 257.90
Bedrooms:
5
Water supply:
Municipal
Kitchens:
5
Rooms:
0
Soil Test:
No
Zoning:
R4-8I
Heating type:
Gas Forced Air Closed
Heating Fuel:
Gas
Clear Height:
8'5"
Survey Available:
No
Garage:
None
Parking Spaces:
12
Possession Details:
All 8 units Tenanted at market price.
HST Applicable To Sale Price:
Included In
Type Taxes:
Annual
Taxes:
$9,675.88 / 2025
Assessment:
$- / -
Simcoe
Orillia
Orillia
Major Highway, Public Transit
No
None.
None.
Tenant belongings.
None
No
UFFI:
No
Utilities:
Yes
Sewers:
Sanitary
Air Conditioning:
No
Seller Property Info Statement:
No
Physically Handicapped-Equipped:
No
Financial Statements:
Yes
Expenses Actual/Estimated:
Actual
Year Expenses:
2024
Major Business Type:
Apts - 6 To 12 Units
Category:
Apartment
Franchise:
No
Days Open:
Varies
Employees:
0
Chattels:
No
LLBO:
No
Outside Storage:
Yes
Date Listed:
Oct 23, 2025
Original Price:
Previous Price:
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Listed by ROYAL LEPAGE IGNITE REALTY
Data was last updated October 25, 2025 at 11:15 PM (UTC)
DARYL  KING
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FAQs – Apartment Buildings for Sale

1. Are apartment buildings a good investment?
Yes, apartment buildings provide steady rental income, potential tax benefits, and property value appreciation over time.

2. What should I consider before buying an apartment building?
Evaluate location, tenant demand, building condition, rental income, and management costs.

3. Can first-time investors buy apartment buildings?
Yes, many financing options are available for new investors, including CMHC-backed loans and commercial mortgages.

4. How many units are considered an apartment building?
Typically, any property with five or more units is classified as an apartment building for investment purposes.

5. Where can I find apartment buildings for sale?
You can find listings across major cities and growing suburbs where rental demand remains strong.