463-477 King ST E Active Save Request In-Person Tour Request Virtual Tour
Hamilton,ON L8N 1C7
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 17,800 sqft
Price per Sqft $261
Subdivision Landsdale
MLS Listing ID X11970322
Annual Tax Amount $60,972
Tax Year 2024
Property Sub-Type Investment
Property Description
This exceptional investment is listed at over a 6% cap rate based on in-place cash flow with five commercial units vacant: imagine the upside! Additionally, a path has been identified for the conversion of main floor retail units to up to new 16 residential apartments - which would also make this property eligible for CMHC-backed financing! With over 142' of frontage on the future LRT route and a large 26-car parking lot behind it, this property occupies the majority of the city block, making it a strong future development opportunity as well. Extensively renovated, this property benefits from major facade updates including all-new retail glass, newer windows, roof, and high-efficiency boilers. The rear fire metal fire escape has just been rebuilt at substantial cost. The existing residential units are all 2-bedroom units and one 3-bed unit. With high ceilings, large windows, updated kitchens and bathrooms, on-site parking, and generous floor plans, these huge apartments are very appealing to tenants. The commercial units are all around 1000 sq ft and benefit from soaring ceilings, basements, and roll-out access to the rear parking lot. This property has been priced to sell - the opportunity for a capable buyer is truly compelling.
Location
Province ON
County Hamilton
Community Landsdale
Area Hamilton
Interior
Heating Yes
Cooling Partial
Exterior
Community Features Public Transit
Utilities Available Yes
Lot Frontage 143.0
Lot Depth 125.0