- What A 55-plus apartment building in Hamilton is on the market for $14.5m
- Why Property has received city council approval to be converted to a retirement home
- What next Phinney Real Estate is handling the sale
The seller of an adult-living apartment building with conversion potential in Hamilton, Ont., is aiming to achieve a capitalization rate of around 4%, Green Street News can reveal.
The 59-unit Royal Vista Gardens, at 1489 Upper Gage Avenue, is listed for $14.5m. Average asking rent for the fully occupied property is $1,040. The building was constructed in 2012 as an affordable-housing opportunity, with funding obtained through CMHC.
The four-storey building was previously put up for sale in March 2022 and again in January 2023. All three listings have been handled by Phinney Real Estate on behalf of the seller, a private investor.
Royal Vista Gardens is open to tenants 55 years of age and older, and offers amenities such as a sitting area, parking and a party room with a full kitchen. There are laundry facilities on every floor, and nearly every unit has a balcony.
However, the property has been approved by the city to be converted into a 72-unit retirement home, according to marketing materials. The surrounding area is home to several large retirement communities, including the 310-bed Village of Wentworth Heights and the 114-acre St. Elizabeth Village with over 500 townhouses.
Royal Vista Gardens is in a desirable neighbourhood, with a grocery store, a retail plaza and parks less than 600 meters away. It’s also 3 km from Lime Ridge mall and 11 km from the John C. Munro Hamilton International Airport.
