Opportunity to own a Fully Renovated & Tenanted Mixed-Use Building in the Crown Point East neighbourhood of Hamilton.
The building has 3 Residential Units (1-1Bdrm, 1-2Brdm, 1-Jr 1 bdrm (Non Conforming) and 1 Commercial Unit.
Currently Rented out for Total Rent $5,550/Month (Annual: 67K), With NOI of Approximately $54K
Current Cap Rate: 6.3%.
Upgrades Include: Brand New Roof, Three Brand New Kitchens, Fully Renovated
Bathrooms, Luxury Vinyl Flooring, New Electrical Wiring, New A/C, Water Heater, Furnace and more!
This could be an excellent buy and hold for an investor. There is an opportunity to finish the basement and separately rent out 2BR & Bachelor for higher rent.
Vacant possession possible.
Closing: Flexible Mar – May 2021
SUMMARY & FEATURES
- Commercial Storefront Unit with a kitchenette, bathroom, and full partially finished basement
- Ground Floor 1 Bedroom with a separate entrance, kitchen, and full bathroom
- Upstairs 2 Bedroom unit with a separate entrance, kitchen, and full bathroom
- Upstairs Junior 1 Bedroom unit with a separate entrance, kitchen, and full bathroom (The Junior 1 bdrm and 2 bdrm units are separated by a lockable door. New owner can make the Jr 1 bdrm unit a conforming standalone unit by creating a 2nd exit for the unit. Currently, both upstairs units are leased to the same tenant)
- Built in 1940s
- Above grade: roughly 2,800 sq ft
- HE gas furnace is 3 years old
- Central AC updated in summer 2020
- HWT is 1 year old
- Shingle and flat roof both updated in 2019
- Lot Size: 25 ft x 78 ft
- Zoning: C2 (Neighbourhood Commercial)
- This zoning allows for light commercial/office/retail uses, in conjunction with residential units
- Fully Tenanted, but Vacant Possession is possible
PROPERTY NEEDS
- Option to add another unit in the basement (Buyer to verify)
- Option to add another emergency exit to upstairs unit to make the Junior 1 Bedroom conforming (Buyer to verify)
NEXT STEPS
Please let us know if you want to view the property or if you require any more details and information.
- Wholesale Price: $852,000 OBO
- Offer Deadline: Monday, February 22nd, 2021
- Closing Date: Flexible, from March to May 2021
- Please call us at 647-905-9222 anytime OR Email us at info@nextbrickrealty.com
WE MAKE THE OFFER PROCESS SIMPLE AND EASY TO UNDERSTAND.
If you decide you would like to purchase the property, please let us know – send in your offer amount and details. If accepted, we will prepare and send the contract to you.
Please do not go directly to the address.