149 residential
Bedrooms: 307
Bathrooms: 149
Parking: 155
LARGE APARTMENT BUILDING IN HAMILTON WITH DEVELOPMENT POTENTIAL
Westbury Park Place. This multi-unit residential high rise building, containing 149 rental units, is located in a good rental neighbourhood of Hamilton close to the downtown core. Boasting a well-desired suite mix of bachelors, 1 bedrooms, 2 bedrooms, 3 bedrooms, and a 4 bedroom, there is significant upside in rents on turnover of units. The current owner has left approximately 25 units vacant to facilitate the sale of the property; allowing a purchaser to renovate to their style and choose their tenants at full market rents. Boilers have been recently replaced with high efficiency models and the roof was refinished in 2019.
In addition to the upside in rents, there is also additional space on the first floor to add new units, some utility efficiencies which can be implemented to provide an upside in the operational expenses, and potential to build an additional rental building on site at the rear of the property. There is ample parking on site with the surface and underground parking. Take advantage of this opportunity to own a large multi-unit residential property in growing Hamilton!
Area: 67,048.33 ft² (1.539 ac)
Perimeter: 1,555.12 ft
Measurements: 158.81 ft x 508.73 ft x 130.50 ft x 126.06 ft x 100.21 ft x 20.04 ft x 100.21 ft x 275.56 ft x 50.10 ft x 86.18 ft
Frontage: 160.00 ft.
Depth: 506.66 ft.
2022 Taxes: $22,218
• 4 - Bachelors
• 11 - One Bedrooms
• 107 - Two Bedrooms
• 26 - Three Bedrooms
• 1 - Four Bedroom
• Current Vacancies: 14
• 1.54 acres, of which 0.72 acres is vacant land and earmarked for the second building
• 15 storeys
• Tenants pay own hydro
• Roof replaced in 2019
• 149 residential units
• 155 parking spaces (13 outdoor and 142 underground)
• 4,225 sq.ft of underutilized space on the ground floor (optimal for additional units or supporting facilities)
• 0.7 acres of land that can be developed (60,000GFA / 95-units) - drawings available.
• Ex. 1st Mtg of approx. $22,000,000 at 1.9% until 2031 to be assumed
• Quote obtained from lender for 2nd Mtg of approx. $9,000,000
Contact us for more information about this property.
Sales Representative
416-414-6836
1044 Cannon St E, Hamilton, Ontario, L8L 2H7
Office: (905) 308-8333
Sales Representative
416-303-9030
© 2014-2023 THE OPUS TEAM. KELLER WILLIAMS COMPLETE REALTY, 1044 Cannon St E, Hamilton, Ontario, CANADA L8L 2H7. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN LAWYER, ARCHITECT OR ZONING EXPERT.
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