$2,399,000 - 183 James Street, Hamilton
Commercial for Sale in Hamilton
Popular ListingNeighbourhood: Corktown
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- MLS Number
- X13761340
- Property Type
- Commercial
- Status
- active
- Days on Site
- 13
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 6,733 sqft
- Neighbourhood
- Hamilton
- Listing Brokerage
- Corcoran Horizon Realty
Offered for only the second time since the 1950s, The John Patterson house is a landmark Hamilton mansion occupying a commanding corner at James South and Young. Known for its distinctive turret and imposing proscenium porch, this remarkable property is steps to St. Joseph's Hospital, the Hunter Street GO station, the Augusta Street restaurant district, the downtown core, major transit, restaurants, offices, and ongoing development. The location is unparalleled for exposure, appreciation, and access. Thoughtfully converted over time into a remarkable mixed-use building, it now offers a rare blend of heritage architecture, diversified income, and deep pride of ownership. The lower level fronts at grade onto Young Street and is home to two exceptional hospitality spaces, including a celebrated pizza shop and a beautifully designed dining room with a major recent high-end build-out. The sprawling main floor is a stunning professional office suite with private offices, open work areas, large kitchen, a spectacular boardroom, coffered ceilings, leaded glass, rich woodwork, and a grand entry foyer. The upper levels are equally memorable. The second floor is an elegant apartment with soaring ceilings, generous principal rooms, beautiful mouldings, abundant natural light, and exclusive rooftop patio access. The third floor has a distinctly urban, character-filled feel, with a skylit kitchen, spacious living area, large bedroom, and a spectacular turret room with dramatic windows and soaring ceiling height. Meticulously maintained, extensively updated, and rich with original detail, this is not just another mixed-use asset. Solid brick construction, slate roof, copper eaves/downspouts, rare on-site parking for up to 12 vehicles, and excellent tenants throughout make this a unique opportunity. This is a true Hamilton trophy property - a piece of the city's architectural fabric.
Estimate your monthly payments for this property
Estimated Payment
$10,611.59/mo
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 Corktown
Corktown 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 Corktown
- •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
Corktown 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.
183 James Street, Hamilton
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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
At $356/sqft, this is priced in the mid-range for GTA commercial space. Commercial values are highly location- and zoning-dependent, so comparable sales analysis is essential. I'll pull recent commercial comps for you.
Commercial Market Pace
Commercial real estate transactions typically take 60–120 days from offer to close — longer than residential — due to financing conditions, environmental reports, and tenant estoppel reviews. This 13-day listing is within normal commercial market exposure.
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.