Property Details
$2,999,999
Asking Price
$3.2m
Apraised Value
$198,461
Stabilized NOI
14
Parking Spaces
Hamilton, Ontario
Representative
Mixed-Use Medical &
Residential Opportunity
Mountain
515–525 Concession Street & 323 Upper Wentworth Street presents investors with the opportunity to acquire a prominent mixed-use asset in Hamilton’s established Eastmount neighbourhood. The property combines commercial medical and professional space with residential apartments, supported by on-site parking and corner exposure at a high-visibility intersection.
- Acquire below a recent Cushman & Wakefield appraised value of $3,200,000.
- Benefit from diversified income across commercial and residential tenants.
- Capture upside from current vacancies and future market-rent growth.
- Own a corner parcel with Mixed Use Medium Density — Pedestrian Focus zoning.
Why This Asset
reasons
- Recent Cushman & Wakefield valuation of $3,200,000.
- Current asking price of $2,999,999.
- Positioned roughly $200,001 below independent appraised value.
- Three commercial units and four residential apartments.
- Medical, dental, pharmacy and professional tenant profile.
- Multiple-tenant mix helps reduce vacancy risk.
- Current gross income of $110,846.64 annualized.
- Stabilized NOI of approximately $198,461.
- Potential stabilized cap rate exceeding 6.6%.
- NW corner of Concession St and Upper Wentworth St.
- High-visibility commercial frontage.
- Strong pedestrian and vehicle exposure.
- Opportunity to increase commercial rents toward market.
- Lease-up of currently underutilized commercial areas.
- Future residential rental growth.
- Site area of 10,742 SF with 80 feet of frontage.
- Corner exposure on two arterial roads.
- Long-term redevelopment optionality.
Permits medical clinics, retail, restaurants, offices and multiple dwellings — and also supports personal services, financial institutions and mixed-use redevelopment.
Asset Snapshot
building
- Two-storey, multi-tenant mixed-use residential-commercial building with commercial units at grade and residential units above.
- Residential unit mix includes three 2-bedroom suites and one 3-bedroom suite.
- Commercial component includes three units totalling approximately 4,200 SF.
- The site is level, rectangular and serviced by municipal water, sanitary sewer, hydro and natural gas.
Seller-Provided Schedule
May 2026
The following table summarizes the seller-provided rent schedule supplied in May 2026. Current vacancies are shown at $0 and represent the lease-up opportunity.
| Unit | Type | Tenant | Status | Monthly Rent |
|---|---|---|---|---|
| 515 | Residential · 2-Bedroom | Michael & Owen | Occupied | $2,000.00 |
| 523A | Residential · 2-Bedroom | Alma Carter | Occupied | $2,150.00 |
| 523B | Residential · 2-Bedroom | Lyndsay Strong | Occupied | $837.22 |
| 323A | Residential · 3-Bedroom | — | Vacant | $0.00 |
| 323 | Commercial · Dental Office | Maple Leaf Smile Dentistry | Occupied | $4,250.00 |
| 517 | Commercial · Pharmacy | — | Vacant | $0.00 |
| 525 | Commercial · Medical Clinic | — | Vacant | $0.00 |
| Total Current Monthly Rent | $9,237.22 | |||
- Current annualized rent on active leases is approximately $110,846.64.
- Two commercial vacancies and one residential vacancy remain.
- The vacancies create a clear lease-up story for investor underwriting.
Appraisal-Based Income
rent
The Cushman & Wakefield appraisal stabilizes the asset using market-rent conclusions for the residential and commercial units.
| Unit / Tenant | Type | Size | Annual Rent | Monthly |
|---|---|---|---|---|
| Damian Zermon · 523A | Residential | 2-Bed | $29,520 | $2,460.00 |
| Irina Krasnoperova · 523B | Residential | 2-Bed | $29,520 | $2,460.00 |
| Carlos Lopez · 515 | Residential | 2-Bed | $29,520 | $2,460.00 |
| Alma Carter · 323A | Residential | 3-Bed | $32,595 | $2,716.25 |
| Aseel Assim Dentistry · 323 | Commercial | 1,500 SF | $45,000 | $3,750.00 |
| Guardian Smile Pharmacy · 517 | Commercial | 1,350 SF | $40,500 | $3,375.00 |
| A&D Medical Corporation · 525 | Commercial | 1,350 SF | $40,500 | $3,375.00 |
| Total Base Rental Revenue | 8,786 SF | $247,155 | $20,596 | |
÷ $2,999,999 asking price
Cap Rate & Value Positioning
approach
- Asking price is approximately $200,001 below the $3,200,000 Cushman & Wakefield market value conclusion.
- At a stabilized NOI of $198,461, the asking price implies a 6.62% stabilized cap rate.
- The appraisal selected a 6.25% capitalization rate and concluded $3,200,000 via the Income Approach.
- The Direct Comparison Approach concluded the same value at approximately $364 per square foot.
| Income Measure | Monthly | Annual |
|---|---|---|
| Current Rent Schedule | $9,237 | $110,847 |
| Stabilized Base Rent | $20,596 | $247,155 |
| Potential Gross Revenue | — | $265,630 |
| Stabilized NOI | — | $198,461 |
Annual base rent grows from $110,847 in-place to $247,155 stabilized as vacancies lease up to market.
Three Levers of Upside
/ SF market
- Current rents remain below replacement-cost economics and may be increased through future leasing activity.
- Vacant medical clinic and pharmacy spaces offer immediate opportunities to attract medical, healthcare, wellness, retail or professional-office users.
- The appraisal market lease survey indicates commercial rents from $25.00 to $44.00 per SF, averaging $31.81 per SF.
- Mixed Use Medium Density designation allows a broad range of commercial and residential uses.
- Long-term redevelopment optionality enhances land value beyond the current income stream.
- Corner exposure and transit access support demand for a range of mixed-use concepts.
- Prominent position at Concession St and Upper Wentworth St increases tenant visibility.
- On-site parking supports medical and service users that rely on customer convenience.
- Surrounding residential density creates demand for neighbourhood-serving uses.
Hamilton Mountain Node
neighbourhood
The property is positioned within Hamilton’s established Eastmount neighbourhood, an area characterized by stable residential density, neighbourhood-serving retail, medical services and ongoing investment.
- Immediate access to public transit — roughly 75 metres from HSR bus service.
- Approximately 3.2 km from the Lincoln Alexander Parkway.
- Surrounding residential density provides a strong customer base for medical, retail and service-oriented tenants.
- The appraisal projects household growth in the trade area through 2035.
Medium Density,
Pedestrian Focus
permissions
The zoning and official-plan designations support a wide range of commercial and residential uses, strengthening both current income potential and future redevelopment optionality.
As-improved, the appraisal concludes the highest and best use is continuation of the existing mixed commercial-residential operation.
As-vacant, the site supports development to a mixed commercial-residential use within permitted planning controls.
Cushman & Wakefield Valuation
2025
- NOI: $198,461
- Capitalization Rate: 6.25%
- Value Estimate: $3,200,000
- $ / SF: $364
- Net Rentable Area: 8,786 SF
- Indicated Unit Rate: $360 / SF
- Value Estimate: $3,200,000
- $ / SF: $364
Continuation of the existing mixed-use residential-commercial operation.
Note: The appraisal was prepared for mortgage purposes and should be reviewed directly by prospective purchasers and their advisors. These marketing materials summarize selected information only.
Exterior &
Corner Exposure
Aerials & Site Context
Commercial &
Medical Interiors
Residential Interiors
Process & Contact
listing
- Prospective purchasers are encouraged to review all due-diligence materials, including leases, rent roll, expense statements, property tax information, building condition information and the full appraisal.
- All rents, operating expenses, unit sizes and zoning information should be independently verified by purchasers and their advisors.
- Offers should be submitted through the exclusive listing representative.
Information summarized from the Cushman & Wakefield Comprehensive Appraisal Report, effective October 23, 2025; the seller-provided rent schedule dated May 2026; and property photographs supplied by the listing representative. This document is for marketing purposes only and does not constitute legal, financial, tax, engineering or appraisal advice.
PROPERTY DESCRIPTION
Located in Hamilton's desirable East Mountain neighbourhood, this exceptional mixed-use investment property sits on a 0.247-acre site along the high-exposure Upper Wentworth Street corridor, just north of Concession Street. The two-storey, multi-tenant building offers approximately 8,786 sq. ft. of gross floor area, including 4,200 sq. ft. of commercial space at grade three commercial units, with four residential apartments on the second floor featuring three two-bedroom units and one three-bedroom unit. The property benefits from excellent visibility, strong pedestrian and vehicular traffic, and convenient access to downtown Hamilton via the Sherman Cut. Surrounded by a well-established mix of residential, commercial, institutional, and recreational uses, the location is within close proximity to shopping, schools, parks, including Gage Park, public transit routes, and major transportation corridors such as the Lincoln M. Alexander Parkway and Highway 403, making it an attractive opportunity for investors seeking stable mixed-use income in a strategic Hamilton location.
Upper Wentworth
Upper Wentworth is a well-established Hamilton neighbourhood known for its convenient location, family-friendly atmosphere, and easy access to everyday amenities. Situated on the Hamilton Mountain, the area offers a mix of detached homes, townhomes, parks, schools, shopping centres, and recreational facilities. Residents enjoy close proximity to major routes such as the Lincoln M. Alexander Parkway and Highway 403, making commuting throughout Hamilton and the Greater Toronto Area convenient. With nearby green spaces, local restaurants, and a variety of services within reach, Upper Wentworth continues to be a popular choice for families, professionals, and retirees seeking a balanced suburban lifestyle.