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518 CANNON Street E, Hamilton — listed at $549,000. Earn buyer cashback at closing. No catches, just more money in your pocket.
Welcome to this exceptional opportunity to own a fully tenanted 2.5-storey triplex ideally located on a prominent corner lot in Hamilton’s vibrant east end. Perfectly suited for buyers looking to break into the market with the advantage of built-in rental income, this property offers the ideal blend of homeownership and long-term financial flexibility. Whether you are looking to offset your mortgage through house hacking, build equity faster, or expand your real estate portfolio with a cash-flowing asset, this is the type of property that delivers versatility and upside. The home features three self-contained units across a spacious and character-filled layout, along with the added convenience of a side parking pad. Currently generating approximately $51,576 in annual gross income with a projected NOI of roughly $41,688 annually, the property also presents a strong conservative income profile even when accounting for management and maintenance reserves. Situated on Cannon Street East, the location provides excellent access to public transit, major routes, schools, parks, and Tim Hortons Field, while remaining close to everyday amenities and growing neighbourhood conveniences. A rare opportunity to secure an income-generating property with strong fundamentals, mortgage-support potential, and long-term value growth in one of Hamilton’s evolving communities. (id:60164)
What are the ongoing costs beyond the mortgage?+
Budget for annual property taxes of $2,763, heating is forced air, natural gas. Always verify the latest figures with your agent before making an offer — these change yearly.
How is the space laid out across floors?+
This is a 2.5-storey multi-family. The 5 bedrooms and 3 bathrooms are typically split with living areas on the main floor and bedrooms above — confirm the exact layout during a showing.
Is there air conditioning?+
Yes — central air conditioning cooling is in place.
Does it have a basement, and is it finished?+
Yes — Unfinished, Full. A finished basement adds meaningful living space beyond the listed square footage.
How is the home heated? Is it efficient?+
Heating is forced air, natural gas. Gas heating is generally the most cost-efficient option in Ontario winters.
Is this a good starter home?+
At $549,000, this is priced in starter-home territory for Hamilton. With multiple bedrooms, it has room to grow into. Factor in property taxes when calculating your true monthly cost.
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