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BEDROOMS6
BATHROOMS4
KITCHENS16
ROOMSX9419956
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Property Description
Both 378 and 382 Cannon are being sold together, offering the unique advantage of acquiring two properties for the price of one, as they are currently merged and operating as two duplexes. This investment opportunity provides robust cash flow and has the potential for significant profit. Currently generating a net income of $73,862.91 after expenses, the properties cash flow almost $20,000 a year at a 5.5% interest rate. 378 Cannon features a 3-bedroom unit renting for $1,942/month (inclusive of heat & hydro) and a bachelor unit for $948/month (also inclusive). Meanwhile, 382 Cannon includes a 3-bedroom unit at $2,250/month (plus heat & hydro) and a 2-bedroom unit for $2,000/month (plus heat & hydro). Renovated in 2019, these properties minimize immediate maintenance costs. If severed and sold as two individual properties, there is significant potential to increase their value, making this a compelling investment opportunity. Buyers to verify all expenses, incomes, and zoning verifications.
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Property Features
Hospital, Park, Place Of Worship, Public Transit, School
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Property Details
Street
Community
City
Property Type
Fourplex, 2-Storey
Lot Size
52' x 130'
Fronting
South
Taxes
$3,590 (2024)
Basement
Part Fin
Exterior
Vinyl Siding
Heat Type
Forced Air
Heat Source
Gas
Air Conditioning
Central Air
Water
Municipal
Parking Spaces
6
Driveway
Pvt Double
Garage Type
None
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Hamilton Market Statistics
Hamilton Price Trend
378-382 Cannon St E is a 8-bedroom 6-bathroom home listed for sale at $925,000, which is $1,075,000 (53.7%) lower than the average sold price of $2,000,000 in the last 30 days (October 15 - November 13). During the last 30 days the average sold price for a 8 bedroom home in Hamilton increased by $960,000 (92.3%) compared to the previous 30 day period (September 15 - October 14) and up $1,345,000 (205.3%) from the same time one year ago.Inventory Change
There were 1 8-bedroom homes listed in Hamilton over the last 30 days (October 15 - November 13), which is down 0.0% compared with the previous 30 day period (September 15 - October 14) and down 50.0% compared with the same period last year.Sold Price Above/Below Asking ($)
8-bedroom homes in Hamilton typically sold ($275,000) (13.8%) below asking price over the last 30 days (October 15 - November 13), which represents a $265,000 decrease compared to the previous 30 day period (September 15 - October 14) and $5,100 less 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 8-bedroom homes in Hamilton over the last 30 days (October 15 - November 13) stood at 100.0%, down from 100.0% over the previous 30 days (September 15 - October 14) and up from 50.0% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 8-bedroom 6-bathroom home in Hamilton stood at 23 days when successfully sold over the last 30 days (October 15 - November 13), compared to 171 days before being removed from the market upon being suspended or terminated.Listing contracted with Keller Williams Real Estate Associates
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