642 Hamilton Rd
642 Hamilton is an eleven unit apartment building located on a main arterial road just south-east of central London, Ontario. Located just off of the popular Hamilton Rd & the quiet residential Price St. The all-brick building stands on a 71’ x 127’ sized lot and comprises 5 x 1-bedroom units and 6 x 2-bedroom units. Each unit is separately metered for hydro. Originally constructed in 1961, the property has been well-maintained and is in structurally sound condition. However, the property is dated in decor and interior finishes and the current gross income is significantly lower than the surrounding market dictates.
Neighbourhood
Fairmont
Zoning
BDC(35)*H13
Market Rents In The Area
$1600 - $2200
Property At Acquisition
This building offered significant upside potential for investment with some cosmetic improvements and the addition of a 12th unit by converting the laundry room into another 1-bedroom unit. There is plenty of parking on site, with 10 spaces offering an additional future revenue stream. Located close to, London airport, downtown London, highway access, hospital and public transit.
Unit renovations to include cosmetic upgrades to the kitchens and bathrooms, new stainless steel appliances and heating / cooling pumps to supplement the existing electrical baseboard heating. Heating and cooling pumps are also a source of more efficient energy consumption. The exterior landscaping will be given attention to maximize the property’s curb appeal including landscaping and updated LED lighting to the exterior of the property.
Value at Acquisition
$1,788,888
Timeline of Completion
3 Year Completion
Project Completion Cost
$371,041.37
Property To Date
As of right now, three units are nearing completion. Grow Property Management has been engaged to begin lease up. They are advertising 1-bedrooms at $1,650 and 2-bedroom units for $1,850.
Three more units have recently become vacant. Demolition has begun in these units. Brand new black framed windows throughout have also been ordered including a new window that will be made in the basement unit. The twelfth unit/laundry room demolition has begun.
Potential Value
Market Rents
Estimate Project Completion
$3,566,884
$1650 (1 bed) & $1850 (2 bed)
Q3 2023
