Non-Conforming Duplex With Potential Cash For Keys In Hamilton!! Assigned

  • $625,000
  • 4 beds
  • 2 baths
  • 1552 sqft
Assigned
This 1,500+ square foot, 2.5-storey property located in Hamilton’s Blakeley neighbourhood, is situated at the base of theThis 1,500+ square foot, 2.5-storey property located in Hamilton’s Blakeley neighbourhood, is situated at the base of the Niagara Escarpment and overlooks the Mountain from the 2nd storey!! This 2.5-storey is currently being utilized as a non-conforming duplex; fully rented, to 2 paying, month-to-month tenants (as per Seller), with 2 exterior entrances to each unit (a fire escape in the backyard leads up to 2nd unit). This house is just a short walk to downtown Main St, Gage Park, Sherman Access (to The Mountain), and Rosedale Tennis Club. Conveniently located and filled to the brim with opportunity for any serious Investors, you will not want to miss out on this golden opportunity in Blakeley!!

We are selling our assignable purchase contract.

Closing is September 8th, 2021

**Please Read the Tenant Clauses Below**
**Please note, this property is tenant-occupied with a total rent of $1,750/month (utilities included). In order to attain vacancy of the premises, the Buyer will need to bargain for vacancy. Seller has contractually agreed to sign any LTB termination forms and provide the tenant’s contact information to the Buyer. The Seller believes that the Main Floor Tenant will terminate their lease, especially if compensated and given fair notice. The Seller believes that the 2nd Floor Tenant is more uncertain/difficult but could be receptive to cash for keys with proper notice. If one or both tenants refuse to terminate the tenancy and the Buyer is forced to assume any tenants, a purchase price reduction of $40,000 will be given to the Buyer on closing. The Buyer will only earn the predetermined price reduction in a worst case scenario, i.e. if the tenant(s) refuse to leave or will only leave on unreasonable demands. Only Buyers who are willing to assume 1 or both tenants at said price reduction should submit offers on this property as Buyer will be obligated to close with or without vacancy of the property.**

**As per our APS, the Seller agrees that the Buyer may communicate with the tenants in the property and that the Buyer may negotiate a cash for keys settlement at the Buyer’s sole expense. The Seller agrees to sign any Landlord-Tenant forms prior to closing required by the Buyer to gain vacancy of the property on or before closing but cannot promise that the tenants will do the same. If the Buyer is unable to get signed N11s or any LTB termination forms with the tenants in the subject property, the Buyer and Seller agree to reduce the purchase price to $560,000 and, upon doing so, this transaction will proceed to close on the completion date and all other terms shall remain valid.**

PROPERTY FEATURES
Geowarehouse and MPAC both classify this property as a Single Family Detached. Neither our company, nor the Seller, warranty this property as a legal duplex.
  • 2.5-storeys
  • 4 bedrooms
    • 3 bedrooms are located in the upstairs unit
    • 1 bedroom is located in the main floor unit
  • 2 full bathrooms (1 full bathroom, as per MPAC)
    • 4-piece bathroom located in the upstairs unit
    • 4-piece bathroom located in the main floor unit
  • Built in 1917
  • Above grade: 1552 sq ft (as per MPAC)
    • First floor: 626 sq ft
    • Second floor: 635 sq ft
    • Third floor: 291 sq ft
  • Partially finished basement: 626 sq ft (as per MPAC)
    • Basement walk-up leads down to laundry and furnace room (common elements), and a locked fire door separates this utility from the main unit
  • Separate entrances:
    • Front door opens to a set of stairs, which lead up into the second floor unit
    • Additional door in second unit leads out to the back fire escape
    • Side entrance in the backyard leads into the main floor unit
    • The basement walk-up entrance in the backyard also leads into the main floor unit, if basement door is left unlocked
  • All appliances will be included
  • 100 AMP breaker panel
  • Most electrical wiring is copper, but some knob & tube may remain in the property (as per Seller)
  • Gas furnace is owned, and was installed around 2005 (as per Seller)
  • HWT is rented, exact age is unknown (as per Seller)
  • No central AC
  • Old galvanized plumbing was replaced with copper lines and ABS drains (as per Seller)
  • Some windows are wood and vinyl, and are approximately 15-years-old (as per Seller)
  • Roof was recently updated in 2020 (as per Seller)
  • Fire escape features new decking (as per Seller)
  • Hydro, gas, and water are not separately metered (as per Seller)
  • Brick and siding exterior
  • Concrete block foundation
  • On municipal services
  • Private driveway fits 1-2 cars, double-wide
  • Lot size: 22.5 ft x 75 ft (as per MPAC)
  • Zoning: D (as per MPAC)

UNIT BREAKDOWN

Main Floor Unit:

  • Rent: $860/month (utilities included) — as per Seller
  • Located on the main floor (626 sq ft, as per MPAC)
  • 1 bedroom
  • 1 full bathroom (located in the basement)
  • Full kitchen
  • Accessed through 2 entrances
    • Side entrance
    • Walk-up (if basement door is left unlocked)

Upstairs Unit:

  • Rent: $890/month (utilities included) — as per Seller
  • Located on the upper 2 floors (926 sq ft, as per MPAC)
  • 3 bedrooms
  • 1 full bathroom
  • Full kitchen
  • Accessed through 2 entrances
    • Front door
    • Back fire escape

PROPERTY NEEDS

  • Cosmetic updating

 

Please click HERE for more pictures and information.

Price:
$625,000
Address:
Balsam Ave S & Cumberland Ave
Hamilton, ON
Square Feet:
1552
Lot Size:
22.5 ft x 75 ft
Bedrooms:
4
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1917
Basement:
Partially finished

Call (647) 400-2093 for more details

Property Location