424 EAST 42ND STREET · Fourplex

424 EAST 42ND STREET is a 4-unit fourplex in Hamilton, ON, asking $1,999,000 — $499,750 per door.

That sits above the Hamilton band of $230k - $390k per door. A price above the band has to be earned by rents, condition, or upside that the listing has not yet shown. Hamilton cap rates screen 4.7% - 6.1% against average rent near $2,050 a door.

At 4 units this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

Hamilton can still offer workable small-multifamily economics, especially where transit and rent lift align. Investor demand reads high, vacancy tight.