41 Albert Street
Hamilton, ONTARIO L8M 2Y1

Description

Great opportunity to own this carefully redeveloped 13 unit apartment building. 3 storey walkup with 12-1 bedroom units & 1-4 bedroom unit. Separate coin laundry room for all tenants. This building has seen great attention to detail with renovations in 8 of 13 units. New kitchens with quartz counter tops, stainless steel appliances, refinished original hardwood floors, restored character and charm throughout. This building is in demand and commands excellent rents with 1 bedrooms currently renting for $1325 plus hydro. Basement has been fully redeveloped into a luxury 5 bedroom unit and is rented to great tenants who utilize the basement commercial lease for their employees during short local stays. OPPORTUNITY 1: to renovate remaining 5 units and re-rent at $1,295 (or higher), resulting in income increase of $3,136 per month ($37,632 annual), equal to approx $640,000+ value lift, available to the new owner! OPPORTUNITY 2: 13 separate condo titles for each unit, offers buyer significantly lower land transfer taxes in addition to the option to sell individual units in future. Current gross income of $179,470 and a net operating income of $134,930. Offered at a 5.6 cap. rate. Located within walking distance to new LRT line and all transit options. A short walk to Gage park, Hamiltons largest city park. Financials available on request. Buy now and as cap rates decrease watch values increase.

Details

MLS#H4048238
Sub-TypeResale
StatusContingent
Days On Site93

Features

SQ Feet9,117
Units13
Building(s)1

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Area Information

ProvinceOntario
CountyHamilton
CityHamilton
Postal CodeL8M 2Y1
AreaHamilton
Listing VS Median (in L8M 2Y1)
Price:
$2,395,000
low | high
Med:
$2,395,000
50% of Average
SqFt:
9,117
low | high
Med:
9,117
50% of Average
$ / SqFt:
$263
low | high
Med:
$263
50% of Average
On Site:
93
low | high
Med:
92
100% of Average
Listing Updated: 06/19/2019
MLS Number: H4048238
Listing Provided By:
Cam McCarroll  of  Keller Williams Complete Realty
MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Hamilton-Burlington.