$920,000
$925,000
0.5%For more information regarding the value of a property, please contact us for a free consultation.
378-382 Cannon ST E Hamilton, ON L8L 2C4
8 Beds
6 Baths
Key Details
Sold Price $920,000
Property Type Multi-Family
Sub Type Fourplex
Listing Status Sold
Purchase Type For Sale
MLS Listing ID X9419956
Sold Date 11/14/24
Style 2-Storey
Bedrooms 8
Annual Tax Amount $3,590
Tax Year 2024
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.
Location
Province ON
County Hamilton
Rooms
Family Room No
Basement Partially Finished
Kitchen 4
Interior
Interior Features None
Cooling Central Air
Exterior
Garage Private Double
Garage Spaces 6.0
Pool None
Roof Type Shingles
Parking Type None
Total Parking Spaces 6
Building
Foundation Poured Concrete, Concrete Block
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