Multiplex Average Cost Per Unit in Hamilton

[reinvestors88]

For Hamilton multiplex investors, can you please share your latest average purchase price per unit? Thank you.

 

[GaryMcGowan]

All depends where you are looking and what type of condition they are in. You can see prices from 65k a unit which need a lot of work up to 90-135k a unit. As I said it depends on where you are looking.

 

[reinvestors88]

[quote user=GaryMcGowan]You can see prices from 65k a unit which need a lot of work up to 90-135k a unit. As I said it depends on where you are looking.


Yes, it all depends on the area and condition of units. We made an offer at $65K/unit for a property far from Downtown Core area but not accepted due low price. On the contrary, we believe the asking price ($75K+/unit) is too high versus sold multiplex in the area and after factoring the cost of needed renovation per unit.



Thanks for sharing.

 

[markl]

During the year of 2013 I have sold Multi unit buildings for as low as a tick less than $50k per door to about $135k per door. This is in the multi realm of 8 units plus.



If you are talking about smaller converted multi's in decent areas you are looking $80k - $160k per door as you are competing with people who will also use the space for their primary residence.



Regards.

 

[reinvestors88]

The building we referred to was over 8 doors. It was overpriced vs same building sold in the area. Thanks for sharing.