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Depew Street, Hamilton
Offer Date: FIRST COME FIRST SERVED
Closing Date: April 30th, 2026
** Realtors bring us a client and add your commission on top of the purchase price**
Strategies For Success
- Rental Opportunity: With three tenants already in place and leases secured through January 2029, this property delivers immediate income from day one. The convenience store, basement apartment, and single family home generate a combined monthly rent of $4,845, offering strong cash flow with no leasing up required.
Details
- Commercial property and 2-storey home on same lot
- COMMERCIAL PROPERTY:
- Occupied by a convenience store tenant who is paying $1,245 +hst in rent (utilities paid by tenant)
- Apartment unit in the basement
- Convenience store rents the apartment for $1,100/ month and subleases it to another tenant
- 1 bed 1 bath
- 6′ ceiling height in basement
- Both leases end January 2029
- 1,664 sqft above ground
- Store ceiling height :10′
- Built in 2003
- HOUSE:
- Rented for $2,500/ month
- Month to month tenancy
- Utilities paid for by the owner
- Beds: 3+1
- Baths: 2
- Basement ceiling height approximately 5’10” under bulkhead, but majority of basement is 6′-6’2″ in height
- 1,458 sqft above grade & 544 sqft below grade
- Built in 1911
Mechanical & Systems
- COMMERCIAL:
- Electrical: Breaker panel with copper wiring
- Furnace: 10-12 years old, as per seller
- A/C: None
- HWT: 4 years old as per seller
- HOUSE:
- Electrical: 100 amp Breaker Panel
- Furnace: Owned, approximately 10 years old
- A/C: Owned, Installed in 2025
- HWT: Owned, 4 years old
- Appliances included: None
Roof & Exterior
- COMMERCIAL:
- Roof: Approximately 7 years old
- HOUSE:
- Roof: 2-3 years old
- Windows: age unknown, likely 15-20 years old
Lot & Location
- 66 ft x 50 ft lot
- Property taxes are approximately $3,197
- M6 Zoning
Important Notes
- Seller has the option to leave junk behind—budget recommended for junk removal
- Minor water leak in the House’s basement, which drains toward the sump pump. The seller is unable to identify the exact source; however, the sump pump cycles regularly and the basement was dry at the time of inspection.
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| The Numbers
We are selling our assignable purchase contract for this excellent Rental opportunity.
- Wholesale Price: $549,999 or Best Offer
- We believe that the property’s current market value is $650,000
- Purchase today for $100K Below Market Value
- $650 monthly cash flow with 30% Down
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| 92 Gertrude Street sold for $399,000 only 6 days ago. This property comes with 2 bedrooms, 1 bathroom, a garage, and 879 square feet above grade with a partially finished basement on a 29 x 100 foot lot. Several upward adjustments should be made when comparing to the subject, which provides an additional bedroom plus a basement bedroom, a second full bathroom, and 579 additional square feet above grade. The subject also benefits from a brand new A/C system installed in 2025, a recently replaced roof, and a hot water tank replaced 4 years ago, presenting a strong overall mechanical profile. Notably, the subject does not include a garage, which warrants a modest downward adjustment. Accounting for these differences, this comparable supports a standalone value for the single family home at or above the $399,000 achieved at 92 Gertrude Street. As the home shares a lot with the commercial store and apartment, we have applied a discount reflecting that combined properties on a single lot typically sell for less than they would individually. We therefore estimate the single family home’s contributory value at approximately $350,000 of the property’s total market value. |
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| 472 Barton Street East sold for $379,000 in January 2026, offering 2,662 square feet of total space on an 18.5 x 100 foot lot, comprising a ground-floor store with a bachelor apartment above and a full-height basement. While this comp presents a larger overall footprint, the subject commands several notable advantages. Most significantly, the subject benefits from two secured leases running through January 2029. The convenience store tenant at $1,245 + HST monthly, and a basement apartment subleased at $1,100 per month providing an investor with reliable, contracted income from day one. Taking these factors into consideration, this comparable supports a standalone value for the commercial store and apartment at or above the $379,000 achieved at 472 Barton Street East. As the commercial store and apartment share a lot with the single family home, we have applied a discount reflecting that combined properties on a single lot typically sell for less than they would individually. We therefore estimate the commercial store and apartment’s contributory value at approximately $300,000 of the property’s total market value. |
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