Description

An exceptional opportunity to acquire a professionally managed, income-producing property comprising 12 residential units across three buildings plus a developable lot - offering strong, reliable income today and meaningful potential for future growth. At the west side of the site, an attractive red-brick Victorian home has been gracefully converted into three suites, each blending classic architecture with modern comfort. Two units showcase period details and generous layouts, while the top-floor studio has been fully renovated with contemporary finishes. Adjacent to the Victorian stands a purpose-built 9-unit apartment building, combining solid construction, bright, spacious suites, and timeless appeal. Many of the residences have been thoughtfully updated, and both buildings have been exceptionally well maintained. At the rear, a four-bay cinderblock garage provides additional income flexibility, alongside a 12-car surface parking area accessed via a City laneway. The property enjoys a healthy rent roll with rates generally aligned to current market levels, reflecting stable, long-term tenancies and well-managed operations. At the asking price, the asset offers an attractive ~5.84% cap rate, illustrating both strength and sustainability of income. The eastern portion of the site adds a compelling development component. The Seller has completed substantial planning and design work to sever and construct up to 16 additional residential units. Conditional severance approval and key variances (for lot sizing, parking, and setbacks) was previously granted. A rare blend of strong in-place performance, development-ready upside, and enduring value, this offering stands out as one of Hamilton's most compelling multi-residential investment opportunities - ideally suited for CMHC-insured financing or long-term portfolio growth.

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