28 Dale Avenue Hamilton, Ontario L8G 3L9

$1,099,900

Fantastic opportunity to own a fully renovated, accessible and legally converted Residential Care Home in prime Stoney Creek! This turnkey investment not only offers great income potential but also makes a meaningful difference in the community, with immediate operation possible for independent living, low care, or maximizing revenue with a higher level of care (see supplements). Capable of generating well over $200,000 in net operating income, this customizable asset carries reasonable operating expenses and sits in a beautiful residential neighbourhood within walking distance to parks, grocery, pharmacy, medical centers, Starbucks, and more. Offering 6 bedrooms (3+3), 2 full bathrooms, 2 kitchens and a generous 75x100 lot with a large, private backyard, 28 Dale Avenue could be the next address in your commercial portfolio with the potential to generate a cap rate well into the double digits! Renovated top to bottom with wheelchair accessibility in mind, it includes a vertical lift at the main entrance, tilt mirrors and grab bars in bathrooms, widened doorways, no transition flooring, remote-control blinds, plus external waterproofing and replacement of basement clay pipes. Permitted approvals are also in place to convert the existing garage (with optional interior lift) into 450 sq ft of additional living space, perfect for a long-term tenant or on-site care provider. Adding further flexibility, the property is also available for rent with the main floor offered at $3,000/month plus 60% of gas, water, and hydro, and the lower level at $2,000/month plus 40% of gas, water, and hydro. All development fees for the conversion have been fully paid ($77,000 value), making this a rare chance to acquire a hassle-free, income-generating property with endless options for returns in a prime location. (id:46441)

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https://www.realtor.ca/real-estate/28808021/28-dale-avenue-hamilton