- What Portfolio comprises three income-generating properties
- Why Leases range from short-term rentals to 2033
- What next Owner willing to sell assets separately
Three investment properties in Hamilton, Ont., are on the block for approximately $15m.
The properties, at 14 Duke Street, 151-153 James Street South and 132-136 Young Street, are being offered as a portfolio, but the unidentified owner will entertain offers on individual buildings. Re/Max Niagara Realty has the listings.
The property at 14 Duke Street, in downtown Hamilton, has 10 residential units above a ground-floor commercial space. The apartments are fully furnished and are used as short-term rentals. There are two studio, six one-bedroom and two two-bedroom units.
The 2,300 sq ft ground-floor commercial space is leased to Durand Integrated Health Group, which operates a luxury healthcare clinic there.
The property qualifies for Canada Mortgage and Housing Corp. financing, according to marketing materials.
The building’s gross income is approximately $401,000, including a small amount from parking fees. The net operating income is approximately $295,000.
The property at 151-153 James Street South is leased to two tenants. A high-end restaurant has leased the ground floor until 2033.
The upper level, with several boutique office spaces, is fully leased to one tenant. That agreement expires in 2028.
The property is zoned for high-density residential development and is a block from a GO commuter train station, providing service to Toronto and the Niagara region.
Annual rent is $240,000 for the restaurant and $109,200 for the offices. The net income for the building is $296,000.
The third property, at 132-136 Young Street in south downtown Hamilton, spans 10,000 sq ft and is leased to Durand Health until 2027. It’s currently used as a medical centre.
The annual income is $338,000, and the net operating income is $321,000.