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41 Albert Street, Hamilton, Ontario – $2,395,000

  • $2.4M Price
  • 9,117 Sqft
  • $2.4M Price
  • 9,117 Sqft

41 Albert Street

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, Hamiltons largest city park. Financials available on request. Buy now and as cap rates decrease watch values increase. (id:6289)

Essential Information

  • Listing #H4048238
  • Price$2,395,000
  • Bathrooms0.00
  • Square Footage9,117
  • TypeMulti-family
  • Style3 Level, Multi-Unit

Community Information

  • Address41 Albert Street
  • CityHamilton
  • ProvinceOntario
  • Postal CodeL8M2Y1

Amenities

  • ParkingNo Garage

Features

No Driveway, Laundry- Coin operated

Interior

  • HeatingNatural gas Forced air
  • CoolingCentral air conditioning
  • Has BasementYes
  • # of Stories3

Appliances

Dryer, Refrigerator, Stove, Stove, Washer

Exterior

  • ExteriorBrick
  • FoundationStone

Listing Details

Office

Keller Williams Complete Realty

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