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Gibson, Hamilton
$559,000
Exceptional opportunity to own a legal duplex with a separate basement apartment, offering strong income potential and immediate upside. This well-maintained multi-unit property features three self-contained residential units, with two units currently vacant, allowing the new owner to secure market rents immediately or occupy one unit while generating income from the others. ALL UNITS will be VACANT as of end of September !! Pick your own tenants! Unit 1 (Main Floor): Bright and spacious 1-bedroom apartment. Unit 2 (Upper Level): Large 3-bedroom apartment featuring an expansive finished attic space, ideal for a home office, recreation room, additional living area, or storage. Unit 3 (Basement): Renovated 1-bedroom apartment, updated approximately one year ago. The property previously generated approximately $4,700/month in gross rental income, with rents of approximately $1,400/month (Unit 1, Vacant on September 1st), $2,100/month (Unit 2, Vacant), and $1,250/month (Unit 3, Vacant end of September). Tenants pay their own utilities, helping minimize operating expenses, and the property benefits from two separate hydro meters. Ideal for investors seeking strong cash flow and long-term appreciation or owner-occupants looking for a mortgage helper, this property offers exceptional flexibility and income-generating potential. The vacant units provide an immediate opportunity to maximize returns based on current market conditions. Conveniently located just minutes from Hamilton General Hospital, the future LRT corridor along Highway 8/Main Street East, West Harbour GO Station, Downtown Hamilton, schools, parks, shopping, public transit, and major commuter routes. This central location provides excellent connectivity and access to Hamilton's growing employment, healthcare, and transportation hubs. A rare opportunity to acquire a versatile income-producing property with immediate leasing flexibility, strong rental demand, and outstanding long-term investment potential.
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| Type | Detached |
| Style | 2 1/2 Storey |
| Approx. Age | 51-99 |
| Size | 2000-2500 sq. ft. |
| Property Tax | $3,526 |
| Lot Size | 21 ft x 44.71 ft |
| mls© Number | X13737250 |
| Listed By | ROYAL LEPAGE CERTIFIED REALTY |
Listing History
- No recent sale history for this listing.
- No recent lease history for this listing.
Could you afford this home?
What the bank counts
This home's actual carrying costs, payment stress-tested at 6%
- Mortgage, tested at 6%
- $2,861
- Property tax
- $294
- Heat allowance
- $150
- Housing costs
- $3,305 / mo
Lenders cap these at 39% of gross income — that sets the number.
Income needed
$102,000
gross annual household income
- Payment at 4%
- $2,352 / mo
- Cash down
- $111,800
Assumes no other monthly debts · 25-yr amortization
Full affordability checkInvestment Analysis
Estimated rent, cap rate and monthly cash flow for this property
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