About this home

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:63626)

Listed by: Mia Rankin, Royal LePage Atlantic

Home facts and features

Price details

List Price

$2,075,000

Home facts

Bedrooms

Full Bathrooms

Parking Details

Shared, Gravel

Property Type

Multifamily

Lot Size

3977 ft²

Depth

Title

Freehold

Exterior Finish

Aluminum siding

Heating Type

Baseboard heaters, Natural gas, Radiator, Hot Water

Appliances

Dishwasher, Dryer - Electric, Refrigerator, Stove, Washer

Agent details

Primary Agent

Mia Rankin

Primary Broker

Royal LePage Atlantic

Listing details

Days on REW

9 Days

MLS® Number

202624982

Source

Canadian Real Estate Association

Board

Nova Scotia Association of REALTORS®

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Property Insights

Schools nearby

10 Schools are within 2km

Lemarchant-St. Thomas Elementary School

n/a
K - 6
In Catchment

Halifax Central Junior High School

n/a
7 - 9
In Catchment

Gorsebrook Junior High School

n/a
7 - 9
In Catchment

Sir Charles Tupper School

n/a
K - 6
In Catchment

Citadel High School

n/a
10 - 12
In Catchment

Inglis Street Elementary School

n/a
K - 6
In Catchment

Saint Mary's Elementary School

n/a
K - 6
In Catchment

Oxford School

n/a
K - 9
In Catchment

Joseph Howe Elementary School

n/a
K - 6
In Catchment

Westmount Elementary School

n/a
K - 6
In Catchment

1550-1554 Vernon Street StreetHalifax, NS, B3H 3M7