A strong opportunity to acquire a professionally managed 16-unit residential apartment property priced at a 6% cap rate; offering an attractive combination of strong current yield, stable operations and meaningful upside. The suite mix includes 14 two-bedroom apartments and two one-bedroom apartments, with approximately 11 of the 16 units updated to varying degrees by current ownership. Several remaining suites offer further renovation potential, while a number of existing rents — including some materially below market — provide clear opportunity for income growth over time. The property is a solid, relatively low-maintenance multi-residential asset with a substantial paved parking area at the rear. It has been professionally managed for years and offers buyers a straightforward addition to an existing residential portfolio. Located in the edge of Hamilton’s east end, the property is surrounded by everyday amenities including grocery, shopping, restaurants, services and transit, with convenient access to the Red Hill Valley Parkway and QEW. The property delivers compelling in-place income with the added benefit of CMHC financing potential and multiple avenues for long-term value creation. For investors seeking scale, strong yield and embedded rental upside in a pure residential asset, this is a particularly attractive offering. (id:4069)
Address
1539-1547 BARTON Street E
List Price
$2,988,000
Property Type
Multi-family
Transaction Type
Sale
Area
Ontario
Sub-Area
Hamilton
Bedrooms
1
Floor Area
25,860 Sq. Ft.
Lot Depth
100 ft
Frontage Length
110 ft
MLS® Number
40872450
Listing Brokerage
Corcoran Horizon Realty
Basement Area
Full (Partially finished)
Postal Code
L8H2X7
Zoning
R4 - Midrise Residential
Ownership
Freehold
Parking Places (Total)
11
Site Influences
Public Transit
Community Features
High Traffic Area
Heat Type
Baseboard heaters, Radiant heat
Number Of Floors In Building
2
Water Source
Municipal water
Access To Property
Highway access
Sewer
Municipal sewage system
