463-477 King Street E Save Request In-Person Tour Request Virtual Tour
Hamilton,ON L8N 1C7
Key Details
Property Type Commercial
Sub Type Mixed,Building and Land
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 17,800 sqft
Price per Sqft $261
MLS Listing ID 40698149
Abv Grd Liv Area 17,800
Originating Board Hamilton - Burlington
Annual Tax Amount $60,972
Property Sub-Type Mixed,Building and Land
Property Description
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 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 clean Phase I ESA from October 2023. This property has been priced to sell - the opportunity for a capable buyer is truly compelling.
Location
Province ON
County Hamilton
Area 14 - Hamilton Centre
Zoning Mixed Use Transit Oriented Corridor
Direction On the north side of King Street East between Victoria Ave N and Emerald St N
Rooms
Basement Full
Kitchen 0
Interior
Fireplace No
Exterior
Parking Features Detached Garage,Asphalt
Garage Spaces 1.0
Lot Frontage 143.0
Lot Depth 125.0
Garage No
Building
Lot Description Ample Parking,City Lot,High Traffic Area,Public Transit,Visual Exposure
Faces On the north side of King Street East between Victoria Ave N and Emerald St N
Story 3
Sewer Sewer (Municipal)
Water Municipal
Structure Type Brick,Metal/Steel Siding,Vinyl Siding
New Construction No
Others
Senior Community No
Tax ID 171790170
Ownership Freehold/None