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5 + 1
BEDROOMS 3
BATHROOMS 2 + 1
KITCHENS 8 + 2
ROOMS X13797112
MLSID Contact Us
Property Description
SHOVEL-READY CONSTRUCTION OPPORTUNITY! Excellent opportunity for builders, developers and investors in Hamilton's Gibson/Stipley South neighbourhood. Situated on an approximately 28' x 85' lot, this development is approved for a 3-storey, 5-unit residential building, with the permit in final municipal review and the seller delivering the property with the permit issued and in hand at closing, ready to start construction immediately. Construction financing of approximately $1.5M is already approved and a qualified buyer may be able to step into it, and the project qualifies for CMHC MLI Select take-out financing of approximately $1.9M on completion. Once built, the 5 units are projected to generate approximately $12,100/month in gross rent, supporting a stabilized value in the $2.4M-$2.65M range. The proposed plans feature a mix of 1- and 3-bedroom units, balconies, bicycle parking and an accessory building for bike storage and garbage. Drawings and plans are available for review.
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Nearby Intersections
Property Features
Hospital, Library, Place Of Worship, Public Transit, School, Other, Private Double
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Property Details
Address
5 Barnesdale Avenue
Community
City
Postal Code
L8M 2V1
Property Type
Detached, Detached
Lot Size
28' x 85'
Taxes
$4,471 (2026
Basement
Partially Finished, Partial Basement
Heat Type
Forced Air
Heat Source
Electric
Water
Municipal
Parking Spaces
2
Garage Type
None
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Listing contracted with Royal Lepage Burloak Real Estate Services
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