Hamilton, ON L8L 2C4,378-382 Cannon ST E
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Hamilton, ON L8L 2C4,378-382 Cannon ST E
Hamilton, ON L8L 2C4,378-382 Cannon ST E
Hamilton, ON L8L 2C4,378-382 Cannon ST E
Hamilton, ON L8L 2C4,378-382 Cannon ST E

$920,000

Est. payment /mo

$925,000

0.5%
Est.Price: ?

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378-382 Cannon ST E Hamilton, ON L8L 2C4

8 Beds

6 Baths

SOLD DATE : 11/14/2024

Key Details

Sold Price $920,000

Property Type Multi-Family

Sub Type Fourplex

Listing Status Sold

Purchase Type For Sale

MLS Listing ID X9419956

Style 2-Storey

Bedrooms 8

Annual Tax Amount $3,590

Tax Year 2024

Property Description

Both 378 and 382 Cannon are being sold together, offering the unique advantage of acquiring two properties for the price of one, as they are currently merged and operating as two duplexes. This investment opportunity provides robust cash flow and has the potential for significant profit. Currently generating a net income of $73,862.91 after expenses, the properties cash flow almost $20,000 a year at a 5.5% interest rate. 378 Cannon features a 3-bedroom unit renting for $1,942/month (inclusive of heat & hydro) and a bachelor unit for $948/month (also inclusive). Meanwhile, 382 Cannon includes a 3-bedroom unit at $2,250/month (plus heat & hydro) and a 2-bedroom unit for $2,000/month (plus heat & hydro). Renovated in 2019, these properties minimize immediate maintenance costs. If severed and sold as two individual properties, there is significant potential to increase their value, making this a compelling investment opportunity. Buyers to verify all expenses, incomes, and zoning verifications.

Location

Province ON

County Hamilton

Rooms

Family Room No

Kitchen 4

Interior

Cooling Central Air

Exterior

Garage Private Double

Garage Spaces 6.0

Pool None

Roof Type Shingles

Building

Foundation Poured Concrete, Concrete Block

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Listed by KELLER WILLIAMS REAL ESTATE ASSOCIATES

Jethro Seymour

Broker

+1(416) 712-0767

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