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MLS® ID: H4048238

41 Albert Street

Hamilton, Ontario, L8M 2Y1

$2,395,000 Active
  • - SQFT
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, Hamilton’s largest city park. Financials available on request. Buy now and as cap rates decrease watch values increase.
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Listing courtesy of Keller Williams Complete Realty

Amenities

  • Postal
    L8M 2Y1
  • Bedrooms
    0
  • Full baths
    0
  • Half baths
    0
  • Property type
    Multi-Residential
  • Lot size
    Feet
  • Sewer
    Sewer
  • Heating
    Forced Air
  • Agent name
    Cam McCarroll
  • Purchase Type
    Active
  • Price Range
    $2m+
  • Brokerage
    Keller Williams Complete Realty
  • Office ID
    KWCOMPLETE
  • Agent ID
    MCCARCA

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