463-477 King Street E Hamilton, Ontario L8N 1C7

$5,499,000

This ideally-positioned asset offers tremendous cashflow value with strong future upside! With over 142' of frontage on the LRT route and a large 26-car parking lot behind it, this property occupies the majority of the city block. Sporting both this significant frontage and rear alley access, 463-477 King also offers extensive future development opportunity. Meanwhile, the existing 8 retail units, 16 residential units, coin laundry, and parking rentals offer strong multi-stream cashflow. Extensively renovated, this property benefits from major facade updates including all-new retail glass, newer windows, roof, and high-efficiency boilers. Strong NOI that continues climbing as commercial units lease up, with 3 commercial units still available! It therefore offers easily-capturable upside in the form of the vacant commercial. The residential units offer excellent and stable cashflow while also offering upside as units become available. Offering an over 5% cap rate based on present NOI, this beautiful property is in excellent condition and will continue to climb in value as rents rise and the neighbourhood continues to redevelop with LRT implementation. Don't miss this spectacular investment for both short-term and long-term benefit. (id:40008)

Property Details

Building

Parking

Land

https://www.realtor.ca/real-estate/25855070/463-477-king-street-e-hamilton