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Listed 18 days ago

5 Barnesdale Avenue

Stipley, Hamilton

$749,999

Detached|2 1/2 Storey
5 | 3 | 2
About this home

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.

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agent
Macallum Tepsich
(647) 326-2579
TypeDetached
Style2 1/2 Storey
Approx. AgeNot available
Size2000-2500 sq. ft.
Property Tax$4,471
Lot Size28 ft x 85 ft
mls© NumberX13797112
Listed ByROYAL LEPAGE BURLOAK REAL ESTATE SERVICES

Listing History

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Could you afford this home?

What the bank counts

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

Mortgage, tested at 6%
$3,839
Property tax
$373
Heat allowance
$150
Housing costs
$4,361 / mo

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

Down payment20% · $150,000
25-yr amortization

Income needed

$134,000

gross annual household income

Payment at 4%
$3,156 / mo
Cash down
$150,000

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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