477 KING STREET E, Hamilton (Landsdale), Canada
This exceptional investment is LISTED AT A 6% CAP RATE based on in-place cash flow without any value given to the five vacant commercial units...imagine the upside! There are so many ways to optimize this property for a stronger NOI. 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 also 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. Seller has a recent clean Phase I Environmental Study on-hand! This property has been priced to sell - the opportunity for a capable buyer is truly compelling. (id:63033)
