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. (id:61594)
| Business Type | Residential |
| Business Sub Type | Apartments |
| MLS® Number | X11970322 |
| Property Type | Multi-family |
| Community Name | Landsdale |
| Amenities Near By | Public Transit |
| Parking Space Total | 26 |
| Bathroom Total | 19 |
| Cooling Type | Partially Air Conditioned |
| Heating Fuel | Natural Gas |
| Heating Type | Hot Water Radiator Heat |
| Size Interior | 17,800 Ft2 |
| Type | Multi-family |
| Utility Water | Municipal Water |
| Acreage | No |
| Land Amenities | Public Transit |
| Size Depth | 125 Ft |
| Size Frontage | 143 Ft |
| Size Irregular | 143 X 125 Ft |
| Size Total Text | 143 X 125 Ft |
| Zoning Description | Mixed Use Transit Oriented Corridor |
https://www.realtor.ca/real-estate/27909140/463-477-king-street-e-hamilton-landsdale-landsdale
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