15 Empress Ave
Centremount, Hamilton, L9A 1M1
FOR SALE
$799,000
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Property Description
This is a great opportunity to own a home that you can live in and either lease the main floor to a professional business while you enjoy 2 floors as your home, or use the main floor for your own business. This is a different kind of ownership that has more upfront cost, but the payoff could be huge in future by having a home and business in one building, or allowing a professional business tenant to help pay down the mortgage. This property has the best of both worlds being on the edge of commercial Upper James St and the edge of a great residential area with large Bruce Park just down the street. The down payment is higher at 35% - 50% and because it is mixed-use residential/commercial, HST is applied to the purchase price. These costs are the "cost of doing business" for this kind of investment home/business and ownership. Current owners ran a professional business in the home for over a decade, and, as such, the property has been well cared for. Previous ownership used the home as a live/work environment whereby the main floor was a doctor's office and the owner lived on the 2nd and lower level. Great location just off of Upper James St on Hamilton mountain, commercial zoning, could be live/work or a mixed commercial/residential, buy and hold opportunity for investors. New roof(shingles and plywood) November 2023. Freshly painted throughout. Updated 2nd floor bathroom August 2024 (tub added and sink replaced) and kitchen includes eat-at counter station, stove added, light fixture replaced, and new fridge August 2024.
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Property Features
Library, Park, Public Transit
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Property Details
Street
Community
City
Property Type
Detached, 2-Storey
Approximate Sq.Ft.
1500-2000
Lot Size
41' x 116'
Acreage
< .50
Lot Irregularities
rectangular lot w/ jut out on west side
Fronting
North
Taxes
$7,074 (2023)
Basement
Finished, Full
Exterior
Brick
Heat Type
Radiant
Heat Source
Gas
Air Conditioning
Window Unit
Water
Municipal
Parking Spaces
6
Driveway
Available
Garage Type
None
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Room Summary
Room | Level | Size | Features |
---|---|---|---|
Common Rm | Main | 9.91' x 20.87' | Bay Window |
Office | Main | 6.50' x 11.25' | W/I Closet, California Shutters |
Office | Main | 7.74' x 7.84' | California Shutters |
Office | Main | 7.58' x 9.25' | Side Door |
Office | Main | 7.09' x 10.76' | Enamel Sink |
Bathroom | Main | 6.50' x 7.51' | 2 Pc Bath |
Kitchen | 2nd | 7.55' x 9.97' | Eat-In Kitchen |
Prim Bdrm | 2nd | 10.93' x 11.32' | Balcony, W/I Closet, Sliding Doors |
Br | 2nd | 10.07' x 11.09' | |
Bathroom | 2nd | 5.68' x 10.01' | 4 Pc Bath |
Rec | Bsmt | 10.83' x 16.80' | Fireplace |
Bathroom | Bsmt | 4.00' x 7.41' | 3 Pc Bath |
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Hamilton Market Statistics
Hamilton Price Trend
15 Empress Ave is a 2-bedroom 3-bathroom home listed for sale at $799,000, which is $160,583 (25.2%) higher than the average sold price of $638,417 in the last 30 days (October 21 - November 19). During the last 30 days the average sold price for a 2 bedroom home in Hamilton declined by $37,184 (5.5%) compared to the previous 30 day period (September 21 - October 20) and down $73,444 (10.3%) from the same time one year ago.Inventory Change
There were 68 2-bedroom homes listed in Hamilton over the last 30 days (October 21 - November 19), which is down 12.8% compared with the previous 30 day period (September 21 - October 20) and down 2.9% compared with the same period last year.Sold Price Above/Below Asking ($)
2-bedroom homes in Hamilton typically sold ($12,806) (2.0%) below asking price over the last 30 days (October 21 - November 19), which represents a $2,133 increase compared to the previous 30 day period (September 21 - October 20) and ($20,925) more than the same period last year.Sales to New Listings Ratio
Sold-to-New-Listings ration (SNLR) is a metric that represents the percentage of sold listings to new listings over a given period. The value below 40% is considered Buyer's market whereas above 60% is viewed as Seller's market. SNLR for 2-bedroom homes in Hamilton over the last 30 days (October 21 - November 19) stood at 98.5%, up from 57.7% over the previous 30 days (September 21 - October 20) and up from 50.0% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 2-bedroom 3-bathroom home in Hamilton stood at 38 days when successfully sold over the last 30 days (October 21 - November 19), compared to 51 days before being removed from the market upon being suspended or terminated.Listing contracted with Royal Lepage State Realty
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