Attention property investors: Some income properties require a vivid imagination to see the potential, but not this one! Welcome to 93 Royal Avenue: an already-tenanted, 10-unit home in Ainslie Wood East, a student-friendly community in West Hamilton. This profitable income property on a wide, deep lot is located within walking distance of McMaster University and McMaster Children’s Hospital. It’s also a close to the beautifully forested escarpment, the Main Street commercial hub, bike and bus routes, and all the amenities. Completely updated and already generating significant income with a cap rate of 6.64 percent, the 2-story detached home features 10 rentable bedrooms (including three in the fully finished basement), 2 dine-in kitchens, 3 full baths, and ample laundry facilities – perfect for the responsible student renters who already live there. If you are an experienced investor considering an expansion of your portfolio, or a new entrant to the market looking for a prime real estate asset that is already more than paying for itself, 93 Royal Avenue represents tremendous value for an excellent investment.
Named for one of the original European founding families to settle in the area, Ainslie Wood is a vibrant neighbourhood that encompasses the best of what Hamilton has to offer: proximity to the thriving and acclaimed University, green space, bike trails, Highway 403, and of course the robust retail shopping and dining opportunities on Main Street. With a large student population, Ainslie Wood boasts an active community association (the A.W.C.A.) which provides local governance and acts as an advocate for residents, who are predominantly singles, younger families and well-established families with long roots in the area. Being such a vibrant, student-filled district just a few kilometres from downtown Hamilton and bordered by lovely forested terrain, the Ainslie Wood East neighbourhood has also become popular with growing families who appreciate its energy and close proximity to GO bus routes, highways, trendy Westdale Village, and family essentials like the children’s hospital, diverse and religious schools, big box shopping and casual dining.
With many of its dwellings being century homes, each property in Ainslie Wood East is unique and rich in character. While the streets can indeed be filled with boisterous students, this is a big draw for student renters who wish to enjoy the safety that numbers and common interests can bring. Student housing is common in Ainslie Wood East, resulting in a high ROI for landlords who have no trouble filling rooms in well maintained, updated homes like 93 Royal. That makes the district of Ainslie Wood East highly desirable for investors looking to generate income immediately while owning an asset that will only appreciate over time.
Surrounded by other stately homes on one of the quieter dead-end streets, 93 Royal Avenue has been fully updated, with thousands recently spent on quality basement waterproofing, HVAC, windows, furnace, kitchens and baths – making for a move-in-ready experience for renters, and a hassle-free experience for landlords. While the house is currently partitioned into 10 rent-able bedrooms (tenants share ample kitchen and bathroom facilities), the floor plan is such that it would be effortless to convert the home into just two or three large units, with rental income helping to defray the mortgage for first time buyers looking to enter the market in an affordable family home.
Each level of 93 Royal Avenue has its own character, shaped by the tenants who share the space. The current floor plan is designed to maximize rental income while maintaining harmonious relationships among the tenants. On the main floor, three bedrooms provide private sleep and study room, while the living room and spacious eat-in kitchen are gathering hubs and common areas. An updated three-piece bath serves this level.
Upstairs, four sunny bedrooms are united by a four-piece bath with soaker tub, while the fully finished lower level boasts three additional bedrooms, a full eat-in kitchen, and another three piece bath as well as two sets of washers and dryers, so everyone can get the laundry done!
We are delighted to offer 93 Royal Avenue for sale, as it represents tremendous value for a buzzing neighbourhood that is consistently rising in popularity as the McMaster student population grows and Hamilton becomes a refuge for homeowners priced out of Toronto. This is a rare chance for first time as well as experienced investors to own an income-producing property with a cap rate of 6.64 percent that has no shortage of tenants and has already been fully updated. To arrange a private viewing, please feel free to contact us directly by filling out our form. Additional information about the property can be found below on our area information tabs.
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