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$749,999
Hamilton
5 Barnesdale Avenue, Hamilton (Stipley), Ontario, L8M2V1
This 6-bedroom, 3-bathroom home in Hamilton is for sale offering roughly 2,250 sq ft of space.
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:66096)
Room details as supplied by the listing brokerage. Dimensions are shown in the unit the listing states, and are approximate.
Features and services as supplied by the listing brokerage.
Long Listed: 50 days on market, against an average age of 47 days across the listings currently for sale in this city
This 6-bed single family in Hamilton (Stipley) is available now. Want me to connect you with the agent or keep you posted on any price updates?
Approximate location — exact address confirmed upon showing
This home lists at $749,999, about 12.3× the local median household income of $61,200.
Carrying it typically needs a household income of about $146,501 (20% down, 25-yr amortization, stress-tested) — roughly 139% above the area median.
Source: Statistics Canada, 2021 Census (FSA L8M)
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Loading rates, 30-yr amortization
Cash Needed to Close
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