5 BARNESDALE Avenue

Hamilton, Ontario L8M2V1

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$749,999

2,462.03 sqft

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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:54619)

General Info

Basement: Partial (Partially finished)

Building Type: House

Total Stories: 2.5

Amenities Nearby: Hospital, Place of Worship, Playground, Public Transit, Schools, Shopping

Rooms

Second level: 3pc Bathroom; Measurements not available

: Bedroom; 9'4'' x 10'0''

: Bedroom; 8'6'' x 11'0''

: Bedroom; 9'5'' x 11'0''

: Kitchen; 10'7'' x 12'4''

Third level: Bedroom; 10'10'' x 25'6''

Basement: 4pc Bathroom; Measurements not available

: Bedroom; 8'1'' x 5'3''

: Kitchen; 9'0'' x 7'2''

Main level: 4pc Bathroom; Measurements not available

: Bedroom; 11'0'' x 13'4''

: Kitchen; 8'10'' x 14'4''

Other Details 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:54619)