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. (id:4069)
Address
5 BARNESDALE Avenue
List Price
$749,999
Property Type
Single Family
Type of Dwelling
House
Style of Home
Contemporary
Transaction Type
Sale
Area
Ontario
Sub-Area
Hamilton
Bedrooms
6
Bathrooms
3
Floor Area
2,462 Sq. Ft.
Lot Depth
85 ft
Frontage Length
28 ft
MLS® Number
40861672
Listing Brokerage
Royal LePage Burloak Real Estate Services
Basement Area
Partial (Partially finished)
Postal Code
L8M2V1
Zoning
TOC3
Ownership
Freehold
Parking Places (Total)
2
Site Influences
Hospital, Place of Worship, Playground, Public Transit, Schools, Shopping
Heat Type
Forced air
Cooling Features
None
Foundation Details
Block
Number Of Floors In Building
2.5
Water Source
Municipal water
Access To Property
Road access, Highway access
Sewer
Municipal sewage system
