208 Mary Street, Hamilton, ON L8L 4V8

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. Buyer to verify all figures, zoning, permitted uses and redevelopment potential.