A standout opportunity on Vernon Street, just steps from Coburg Road and Dalhousie University. Under the same ownership since 2004, this well-maintained triplex combines strong existing income, zero vacancy and a proven rental history in one of Halifaxs highest-demand rental locations. Comprising three civic addresses1550, 1552 and 1554 Vernon Streetthe property generates $174,692 in gross annual rental income, or $14,558 monthly. With annual operating expenses of approximately $29,275, NOI is $145,417, representing an attractive 7.0% cap rate. Units are separately metered for electricity, which is paid by the tenants; heat and hot water are included in the rents. Current leases are in place, providing income from day one. Significant capital improvements include a new roof and skylights (2022), new natural gas boiler (2022), replacement of wood windows with vinyl, upgraded electrical and most plumbing, and new front and rear steps (2026). Three on-site parking spaces are an added advantage in this highly walkable university neighbourhood. With established income, substantial upgrades already completed and an exceptional location within steps of Dalhousie, this is a rare opportunity to acquire a proven rental property in the heart of Halifaxs university district. (id:4069)
Address
1550-1554 Vernon Street Street
List Price
$2,075,000
Property Type
Multi-family
Type of Dwelling
Triplex
Transaction Type
Sale
Area
Nova Scotia
Sub-Area
Halifax
Lot Size
0.0913 Ac.
MLS® Number
202624982
Listing Brokerage
Royal LePage Atlantic
Postal Code
B3H3M7
Ownership
Freehold
Site Influences
Park, Playground, Public Transit, Shopping, Place of Worship
Community Features
Recreational Facilities, School Bus
Appliances
Stove, Dishwasher, Dryer - Electric, Washer, Refrigerator
Heat Source
Natural gas
Heat Type
Baseboard heaters, Hot Water, Radiator
Foundation Details
Stone, Unknown
Water Source
Municipal water
Sewer
Municipal sewage system
