153 Strathcona Ave N is a building lot in West Hamilton listed at $369,000. The listing says it comes with a $75,297.05 refundable security deposit from the City of Hamilton. It also says the lot's 05-200 zoning allows a duplex, triplex or fourplex, or a custom home with an income suite.
That deposit is the number to stop on. It is about one fifth of the price.
This lot is listed by Jason Hodder of Found Spaces Realty Group. MLS number 40838276.
Who this lot is right for
Three kinds of buyers should look hard at this one.
The first is a small builder. You want a clean infill lot close to downtown, and you'd rather skip a long rezoning fight. The listing says the zoning is already in place for up to four units.
The second is someone who wants to build their own home. The remarks say you could fit 3,200+ square feet of living space. You could also add an income suite, so a tenant helps with the mortgage.
The third is a long-term investor. You want to own a fourplex you built new, instead of buying an old house full of surprises.
If you want to move in next month, this is not your property. It is land. You are buying time, a plan and a permit process.
What the numbers look like before you build
Here is some simple maths. It is illustrative only, because every build is different.
If the $75,297.05 deposit comes back to you in full, your land cost drops to about $293,700.
Now spread that over four units. That's roughly $73,400 of land per door. At full list price, with no deposit counted, it's about $92,250 per door.
Why do we care about price per door? Because it lets you compare this lot to a finished multiplex. Our Hamilton duplex, triplex and fourplex report shows median asking price per unit by building size and neighbourhood. Put your land cost plus your build budget next to those numbers. That tells you fast if building beats buying.
The build cost is the part we can't give you. It depends on your design, your builder and your finishes. Get real quotes. Then run the rents and costs through how we underwrite a Hamilton deal, so your cap rate and debt coverage are honest before you commit.
Takeaway: on a lot like this, the deposit and the door count matter more than the sticker price. Do the per-door maths first.
What's already done for you
A lot of land sits for sale with nothing ready. This one has some real work behind it.
The listing says draft architectural drawings are available. It says the lot is ready for a building permit application. That can save you weeks at the start.
The driveway is shared, with ample parking. There's room for a one or two car garage at the back.
A shared driveway is common on older Hamilton streets. It's fine, but read the agreement that goes with it. You want to know who can use it, who fixes it and who pays.
Questions to ask before you write an offer
The listing does not spell out every term of the security deposit. We won't guess at them. Ask for the city paperwork. Find out when the deposit is released and what has to happen first.
Ask if the draft drawings come with the sale. Ask who drew them, and if you can use them or change them.
Then talk to your lender early. Loans for land and new builds work differently than a normal mortgage.
The Strathcona neighbourhood
Strathcona sits just west of downtown. It's a mix of older homes on tight, walkable streets.
From this lot you're steps to Locke St W, with its cafés and small shops. Dundurn Castle is close. So is the James St N arts district, where the monthly art crawl pulls big crowds.
West Harbour GO is nearby too. For a commuter, or a tenant, that matters a lot.
Driving out is easy. You get to the 403 from York St and King St W.
The listing calls it a safe, family-friendly neighbourhood. For a builder, that means a wide pool of people who'd want to live here: families, young workers and people who take the train to Toronto.
Why now
The remarks say the lot is priced aggressively to sell. Hamilton also brought in newer zoning that allows more units on lots like this one.
Put those two things together. You have land near Locke Street, ready for a permit, with room for up to four homes. Lots like that don't come up often this close to the core.
You can see more like it on our Hamilton investment properties page.
Questions people ask
What does 05-200 zoning mean on a Hamilton lot?
By-law 05-200 is the City of Hamilton's main zoning by-law. It sets what you can build and where on a lot. For this property, the listing says it allows a duplex, triplex or fourplex, or a custom home with an income suite. You can ask the city to confirm the zoning in writing before you firm up an offer.
Can I start building on 153 Strathcona Ave N right away?
Not on day one. The listing says the lot is ready for a building permit application, which means the permit still has to be applied for and issued. Draft drawings usually need to be finished by a designer before a permit is approved. Plan for that time in your budget.
How far is West Harbour GO from Strathcona?
The listing says the lot is steps from West Harbour GO. That station is on GO's Lakeshore West line, which runs along the lake toward Burlington, Oakville and Toronto. For renters without a car, that train is a big reason to live in this part of Hamilton.
Book your private tour
Walk the lot and see the draft drawings for yourself. Photos, details and showing times are all on the 153 Strathcona Ave N listing page. Book your private tour there, and bring your builder.