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Property Description
Income-Generating Legal Duplex in the Heart of Hamilton! An incredible investment opportunity awaits in the core of Hamilton! This well-maintained 3-unit property offers attractive rental income with Unit 3 becoming vacant on May 1stperfect for an investor or a savvy buyer looking to live in one unit while renting out the others. Current Rents (All Inclusive of Utilities): Unit 1 $1,890/month; Unit 2 $1,895/month (In-Suite Laundry!); Unit 3 $1,340/month (Vacant May 1st!) Additional income is generated through coin-operated laundry for Units 1 and 3. Street Parking is available for Tenants. You'll love this TURNKEY Investment Strong rental history with market rents. Dont miss outschedule a viewing today!
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Property Details
Street
Community
City
Property Type
Triplex, 3-Storey
Lot Size
25' x 150'
Fronting
East
Taxes
$2,520 (2024)
Basement
Full, Sep Entrance
Exterior
Brick
Heat Type
Forced Air
Heat Source
Electric
Air Conditioning
None
Water
Municipal
Driveway
None
Garage Type
None
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Hamilton Market Statistics
Hamilton Price Trend
56 Erie Ave is a 5-bedroom 3-bathroom home listed for sale at $789,000, which is $124,375 (13.6%) lower than the average sold price of $913,375 in the last 30 days (January 21 - February 19). During the last 30 days the average sold price for a 5 bedroom home in Hamilton declined by $831,625 (47.7%) compared to the previous 30 day period (December 22 - January 20) and down $536,701 (37.0%) from the same time one year ago.Inventory Change
There were 33 5-bedroom homes listed in Hamilton over the last 30 days (January 21 - February 19), which is up 50.0% compared with the previous 30 day period (December 22 - January 20) and up 6.5% compared with the same period last year.Sold Price Above/Below Asking ($)
5-bedroom homes in Hamilton typically sold ($22,434) (2.5%) below asking price over the last 30 days (January 21 - February 19), which represents a $94,966 increase compared to the previous 30 day period (December 22 - January 20) and ($91,146) 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 5-bedroom homes in Hamilton over the last 30 days (January 21 - February 19) stood at 24.2%, up from 9.1% over the previous 30 days (December 22 - January 20) and down from 41.9% one year ago.Average Days on Market when Sold vs Delisted
An average time on the market for a 5-bedroom 3-bathroom home in Hamilton stood at 18 days when successfully sold over the last 30 days (January 21 - February 19), compared to 83 days before being removed from the market upon being suspended or terminated.Listing contracted with Exp Realty
Similar Listings
54 Frederick Ave is a fantastic investment opportunity! A corner lot nestled in a residential community in the heart of Hamilton. A legal triplex in a desirable neighbourhood, within close proximity to Tim Hortons Field, Centre Mall, easy access to transit and hi-ways. This property is ready for endless opportunity and possibilities with the versatility to lease out the units, live in one, use it as a family home with older children ready to live in their own apartment(s) on the same property, or live in 2 and lease out one. With 3 separate units, one 2 story 3 bedroom plus den fronting Frederick Ave and two separate one bedroom units facing Britannia Ave. Income potential or a home with separate units for the entire family. **EXTRAS** Projected monthly income: 3/4 bedroom $2800, 1 bedroom unit (Upper) $1500, 1bedroom unit (main) $1900. See Floor Plans for layouts and additional room sizes.
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Rare legal triplex perfectly situated in a prime Hamilton Mountain location! This unique property offers a fantastic investment opportunity with three separate units on an oversized lot, just moments away from essential amenities. The main floor unit features a spacious layout with two bedrooms, a full bathroom, and convenient laundry facilities - this unit could easily be split to add a 4th unit. On the upper level, you'll find two additional units, each offering one bedroom and one bathroom. The property also includes a detached garage that generates additional revenue, enhancing the investment appeal. Vacant possession will be provided on closing! Don't miss out on this rare opportunity to own a lucrative rental property.
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