For Sale · Multifamily

74 LOCKE STREET N, Hamilton (Strathcona)

74 LOCKE STREET N, Hamilton (Strathcona), ON L8R3A5

$1.1M total

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Asset Class

Multifamily

Size

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Building class

C

Zoning

RA9 — High Rise

$ / SF

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Occupancy

85%

About this property

Excellent investment opportunity in a prime central Hamilton location. Situated on a prominent corner lot at Locke St N and Peter St, this 3-storey multi-residential property features 8 self-contained residential units consisting of 4 two-bedroom and 4 one-bedroom units, each with separate hydro meters. Offering approximately 4,220 sq ft of living space, 5 parking spaces, coin-operated laundry, boiler heating system and additional basement space. Fully tenanted with established rental income and significant future upside as tenancies turn over. Conveniently located minutes from Victoria Park, Bayfront Park, West Harbour GO, public transit, downtown Hamilton and the shops and restaurants of Locke Street. An opportunity for investors to acquire an established income-producing property in one of Hamilton's most convenient and desirable central locations. Property being sold under Power of Sale on an "as is, where is" basis. (id:66811)

Financial sandbox

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Estimate
Purchase price$1.10M
Down payment30% · $330K
Interest rate6.25%
Amortization25 years
Occupancy85%
Expense growth2.5%

Monthly debt service

$5K

Projected NOI

$42K

Annual cash flow

$-18K

Cash-on-cash

-5.60%

DSCR

0.70

Going-in cap

3.86%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

41,133

Households

17,480

Median income

$85,000

Median age

42

Daytime population

61,455

5-yr growth

6.5%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 74 LOCKE STREET N, Hamilton (Strathcona).

NDA required
  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.