29 GERTRUDE STREET, Hamilton (Industrial Sector), Ontario, L8L4B7
29 Gertrude Street is an investment property within a portfolio. A legal duplex in Hamilton's lower city, offering current income with a clear value-add path. The property is currently generating a 5.44% cap rate with $26,918 in current NOI and 67% occupancy, with 2 of 3 doors currently occupied. One of the three units is month-to-month, creating an opportunity to reset rents to market on turnover and increase income. The property is configured with a 2-bedroom main-floor unit and a 3-room upstairs unit. Separate hydro metering is already in place, with tenants paying their own hydro, helping keep the owner's operating costs low and allowing added rent to flow more directly to NOI. The basement is currently unfinished and vacant, representing the immediate value-add opportunity. A future owner may be able to finish the basement and create a third rentable door, adding a new income stream on top of the in-place NOI without changing the building's footprint, subject to buyer due diligence and any required approvals. The upstairs unit is currently month-to-month and can be brought closer to market rent on turnover, while the vacant basement provides additional rental upside through build-out. With legal-duplex designation, separate hydro metering, current NOI, rent-reset potential, and a clear basement expansion opportunity, 29 Gertrude Street is well positioned for an investor seeking both immediate income and long-term appreciation in a tenant-dense Hamilton lower-city pocket. (id:2471)
McConkey Real Estate Corp. Brokerage
- 705-875-5957
- 705-745-4321
- 705-745-4324
- john@mcconkeyrealestate.com
- Property Address: 29 GERTRUDE STREET, Hamilton (Industrial Sector), Ontario, L8L4B7
- Community Name: Industrial Sector
- Property Type: Multi-family
- Lot Size: 22.6 x 122 FT
- Acreage: 22.6 x 122 FT
- Sewage Type: Sanitary sewer
- Water Type: Municipal water
- Driveway: No Garage
- Total Parking Spaces: 2
- Maintenance Fee: 0.00
- Structure Style: Duplex
- Storeys: 2
- Floor Space: 1100 - 1500 sqft
- Bedrooms: 4
- Bathrooms: 2-Total
- Basement Type: N/A (Unfinished)
- Heating Type: Natural gas, Forced air
- Cooling: Central air conditioning
- Exterior Type: Brick Facing
- Foundation Type: Unknown
Listing Office: EXP REALTY
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