$385,000 - 1508 Upper James Street, Hamilton
Commercial for Sale in Hamilton
128 days on marketNeighbourhood: Mewburn
Want to see this home in person?
Book a private showing with Joe — pick a day and time that works for you.
- MLS Number
- X13222296
- Property Type
- Commercial
- Status
- active
- Days on Site
- 128
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- N/A sqft
- Neighbourhood
- Hamilton
- Listing Brokerage
- RE/MAX ESCARPMENT REALTY INC.
LOCATION! LOCATION! LOCATION! Are you looking for an established and successful dine-in restaurant? look no further, I've got the perfect opportunity for you! This fabulous Mediterranean Grill has been in operation for decades and the operator has done an excellent job maintaining the place with high level of quality in their food, customer service and overall atmosphere and experience. LITERALLY one of the BEST locations in Hamilton; Upper James! The location itself brings in a HIGH VOLUME of traffic in terms of vehicles and pedestrians. It is surrounded by many anchor Tenants which compliments the business extremely well. There is LOTS of parking in front of the restaurant and it also offers a backdoor for easy access for deliveries. There is extra storage and an office area in the Upper Level of the restaurant. Best of all, its GREAT RENT allows you to minimize your overhead costs making it more desirable to run the operations and experience a higher level of return. These well established and busy businesses rarely come to market especially being located in one of the busiest streets in Hamilton. With a high level of seating capacity, cafe area, and an open and bright atmosphere, this maybe just the business of your dreams! Please do not go direct.
Estimate your monthly payments for this property
Estimated Payment
$1,975.25/mo
Includes CMHC insurance ($10,742)
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover Mewburn
Mewburn is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Mewburn
- •Convenient location in Hamilton
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Mewburn offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
1508 Upper James Street, Hamilton
Open in Google MapsUse the map controls to zoom, pan, and switch between map and satellite views. Drag to explore the neighbourhood.
Key factors for evaluating this commercial property
Commercial Due Diligence Checklist
· Verify zoning and all permitted uses
· Review all existing leases (terms, renewals, net vs. gross)
· Request estoppel certificates from all tenants
· Order a Phase 1 Environmental Site Assessment
· Commission a property condition assessment
· Review operating costs (taxes, insurance, maintenance)
Commercial Financing Note
Commercial mortgages require 20–35% down, shorter amortization, and lenders underwrite based on the property's income. CMHC insurance is not available for commercial. Connect with a commercial mortgage broker early.
Commercial and land transactions are significantly more complex than residential. Joe recommends assembling a team — commercial real estate lawyer, accountant, and (for land) a land use planner — before making an offer.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Commercial Pricing Context
Commercial property values in Hamilton are driven by location, zoning, current tenancy, and income potential — not the same $/sqft benchmarks as residential. I'll run a proper comparable sales analysis using recent commercial transactions in this area.
Extended Exposure — Negotiating Room
At 128 days on market, this commercial property has had significant exposure. Commercial listings typically take longer to sell than residential, but this timeline may indicate pricing or tenancy issues worth exploring. A motivated seller often means better terms for a prepared buyer.
Zoning & Permitted Use — Verify First
I always confirm the zoning and permitted uses before a client gets too far into a commercial transaction. What a property is currently used for and what it's legally permitted for are sometimes different. If you plan to change the use, a zoning amendment or minor variance may be required — that's additional cost, time, and risk.
Tenancy & Income Review
If this property has existing tenants, I'd want to review all leases carefully: term lengths, renewal options, rent amounts, escalation clauses, and who's responsible for operating costs (gross lease vs. net lease). A strong long-term tenant is an asset; a lease expiring at closing is a different story. We'll request estoppel certificates from all tenants.
Environmental & Due Diligence
A Phase 1 Environmental Site Assessment is standard practice for commercial purchases in Ontario. If historical industrial use is flagged, you'll need a Phase 2. I also recommend a property condition assessment covering structure, roof, HVAC, and electrical — commercial systems are expensive to replace and often not disclosed in detail on the listing.
Commercial Financing Realities
Commercial mortgages work differently than residential. Expect 20–35% down, shorter amortization (15–25 years), and lenders who underwrite based on the property's income, not just your personal financials. CMHC insurance is generally not available for commercial, and rates are typically higher. I can connect you with commercial mortgage brokers who specialize in Hamilton transactions.