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Listed 24 days ago

70 Wellington Street S

Corktown, Hamilton

$599,000

Detached|1 1/2 Storey
4 | 2 | 2
About this home

An exceptional investment and development opportunity in the heart of Hamilton's desirable Corktown neighbourhood. Situated on an impressive 44 108 ft lot, this fully rented two-unit property offers immediate rental income together with exciting long-term potential.The property features two self-contained residential units, each offering two bedrooms and one bathroom. Both units are currently rented, providing investors with income from day one. The home offers spacious interiors, updated finishes, heating and air conditioning, and two on-site parking spaces.Ideally located minutes from downtown Hamilton, major transit routes, the Hamilton GO Centre, shopping, restaurants, parks and everyday amenities. Redevelopment plans are available for prospective buyers to review. The large lot may offer opportunities for future expansion or redevelopment, subject to municipal zoning, required approvals and the buyer's own due diligence.A rare opportunity to acquire a beautiful income-producing property with a generous lot in a high-demand central location-ideal for investors, developers or buyers looking for immediate income and excellent future potential. A minimum of 24 hours' notice is required for showings.

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agent
Macallum Tepsich
(647) 326-2579
TypeDetached
Style1 1/2 Storey
Approx. AgeNot available
Size1500-2000 sq. ft.
Property Tax$3,800
Lot Size44 ft x 108 ft
mls© NumberX13774170
Listed ByRE/MAX ABOUTOWNE REALTY CORP.

Listing History

  • No recent sale history for this listing.
  • No recent lease history for this listing.

Could you afford this home?

What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$3,066
Property tax
$317
Heat allowance
$150
Housing costs
$3,533 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $119,800
25-yr amortization

Income needed

$109,000

gross annual household income

Payment at 4%
$2,521 / mo
Cash down
$119,800

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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