208 Mary Street is a legal, conforming duplex in Hamilton's Beasley neighbourhood, listed at $649,900. It brings in about $54,600 a year in gross income from two renovated, tenanted suites upstairs and a main floor rented for storage, according to the listing details for 208 Mary Street. It's built for an investor who wants rent coming in on day one, with a large ground floor that could be worth more later.
The building has about 3,642 square feet in total. Roughly 1,660 of those are on the main floor, which is set up as commercial and storage space. The MLS number is 40871207.
Where the $54,600 comes from
The main floor pays $1,000 a month in storage income. That's $12,000 a year.
The other $42,600 comes from the two residential suites. Split across twelve months, that works out to about $3,550 a month for the pair, with both units tenanted now.
That's gross income, so it's the number before taxes, insurance, utilities, repairs and vacancy come off the top, and a careful buyer will rebuild the net figure line by line before they get attached to the gross one. We don't have an expense sheet to publish here. What we can show is the price against the rent: $649,900 divided by $54,600 is a gross rent multiplier of about 11.9, which means the price is just under twelve years of current gross rent.
If you want to run the full numbers, our underwriting standard for NOI, cap rate and debt coverage shows the expense assumptions we use as a share of rent. It also has a prompt you can paste into an AI assistant to check our math.
The upstairs suites are the easy part
The two suites are renovated. The remarks call out quartz countertops, modern finishes and open-concept living areas that feel spacious.
That matters more than it sounds. Renovated units tend to mean fewer surprise repairs in your first year, and finished suites like these are the kind tenants stay in.
One thing we always ask for in writing on a tenanted building is the current leases and the rent ledger for each unit. A rent figure you can see on paper is worth more than one in a listing. On this property, we'd also ask for the storage agreement on the main floor, since that $1,000 a month is close to a quarter of the income.
The main floor is the upside, and the risk is all on paper
Here's what sets this one apart from a regular Hamilton duplex. Most two-unit buildings in the core are two units and done. This one has about 1,660 square feet of ground-floor space sitting under them, already earning rent.
The City of Hamilton has Phase 2 of its Mid-Rise Residential Zones Project before Planning Committee. It proposes extending mid-rise residential zoning to more properties across the urban area, and allowing more residential density as-of-right.
That's a proposal, still in front of committee. Nobody can tell you today what this lot will be allowed to become, and the listing says so plainly: the buyer does their own due diligence on zoning, permitted uses and redevelopment potential.
So the smart way to buy this is on the income it makes today, and treat any future conversion or redevelopment as a bonus you have time to work toward. If the numbers work as a rented duplex with storage, you're not betting the building on a council vote.
Why Beasley, and why now
Beasley sits on the edge of downtown Hamilton, close enough that the core is a walk away. For tenants, that means jobs, transit and restaurants nearby without needing a car for everything.
Timing is the other piece. A property bought before a zoning change is decided costs what it costs as a duplex, and if the city does widen mid-rise permissions, the buyer who already owns it is the one positioned to act, while the buyer who waited is shopping for the same kind of lot in a market that knows what it's worth.
For a sense of how this price stacks up, the Hamilton duplex, triplex and fourplex report tracks median asking price per unit by building size and neighbourhood. You can browse more buildings like this on our Hamilton investment properties page.
Questions people ask
Is 208 Mary Street a legal duplex?
Yes. The listing describes it as a legal, conforming duplex. Conforming means its current use fits the zoning that applies to it now. A buyer should still confirm this with the City of Hamilton as part of their own due diligence.
What does "as-of-right" mean in Hamilton's mid-rise zoning proposal?
It means a use or density is allowed by the zoning itself. An owner wouldn't need to apply for a rezoning to build it. Phase 2 of the Mid-Rise Residential Zones Project would extend that to more properties, but it's still a proposal before Planning Committee.
How much is 208 Mary Street per square foot?
At $649,900 for about 3,642 square feet, it's roughly $178 per square foot of total space. That figure covers both the residential suites and the main-floor commercial and storage area. It's a rough yardstick, since storage space and finished suites aren't worth the same per foot.
Book a private tour of 208 Mary Street
The best way to judge the main floor is to stand in it. Branden Nauss is the listing agent, and he can walk you through the suites, the storage space and the income.
See the photos and book your private tour on the 208 Mary Street listing page. If you'd rather talk through the numbers first, reach our team here.