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Listed by Sandy Mackay • Real Broker Ontario Ltd.
$599,900
Est. payment /mo
3,642 SqFt
Price Dropped by $50K
208 Mary Street Hamilton, ON L8L 4V8
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Key Details
Property Type Commercial
Sub Type Building Only
Listing Status Active
Purchase Type For Sale
Square Footage 3,642 sqft
Price per Sqft $164
MLS Listing ID 40871207
Abv Grd Liv Area 3,642
Annual Tax Amount $8,375
Property Sub-Type Building Only
Source Cornerstone
Property Description
Pay for the apartments, get the storefront almost free. This corner mixed-use property in Beasley, steps from downtown Hamilton, offers about 3,642 sq ft for $649,900, about $178 a sq ft. Upstairs: two renovated 2-bedroom suites with quartz counters, open living space, pot lights and wall-mounted A/C, both tenanted at $1,775/month, with tenants paying their own hydro. Main floor: about 1,660 sq ft of corner commercial space with large shop windows, rented as storage at $1,000/month. Gross income is about $54,600 a year. Seller-reported costs are about $18,775 a year, for a net operating income of about $35,825: a 5.5% cap rate at list price. Value-add: raise the suites to market on turnover, re-let the main floor as retail and buy out the rental equipment, and the pro forma cap rate is about 7.4%. Owner-users: run your business from the storefront while the two suites carry most of the costs. Legal, conforming duplex over commercial per the seller, zoning D/S-378. Hamilton's Mid-Rise Residential Zones Project (Phase 2) is before Planning Committee. Proforma available.
Location
Province ON
County Hamilton
Area 14 - Hamilton Centre
Zoning D/S-378
Direction Catherine St N to Robert St to Mary St.
Rooms
Basement Full
Kitchen 0
Interior
Fireplace No
Exterior
Lot Frontage 37.01
Lot Depth 58.39
Garage No
Building
Lot Description Public Transit
Faces Catherine St N to Robert St to Mary St.
Story 2
Sewer Sewer (Municipal)
Water Municipal
New Construction No
Others
Senior Community No
Tax ID 171620142
Ownership Freehold/None
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