For Sale: 358-360 St Margarets Bay Road, Halifax, NS

About this home

INVESTOR ALERT Rare value add opportunity in one of Halifaxs strongest rental corridors. This solid multi unit property includes three spacious two bedroom units plus an existing non legal one bedroom basement suite and offers investors a rare advantage of all units vacant at closing, allowing a buyer to immediately renovate, set market rents, and reposition the building to maximize returns from day one. Each upper unit is self contained with its own entrance, hardwood floors, updated windows, and private balconies that provide excellent natural light. The building is efficiently configured with four electrical panels and separate hot water heaters, with tenants paying their own electricity, helping keep operating costs low and management simple. Recent improvements include new siding and fresh paint in two units, reducing near term capital requirements while maintaining strong tenant appeal. Situated on a 50 x 145 ft lot with parking for at least five vehicles, the property offers excellent tenant convenience in a desirable rental location. For investors focused on maximizing value, there is strong upside through renovations and repositioning. Updating the units with modern kitchens and finishes, adding shared laundry, and exploring the opportunity to legalize and improve the existing basement suite (subject to municipal approval) could significantly increase income potential. Based on current market estimates, renovated two bedroom units could achieve approximately $2,000 per month plus utilities, with the one bedroom basement unit estimated around $1,500 per month, creating potential gross rental income of approximately $90,000 annually once stabilized. Ideally located minutes from the Armdale Rotary, Chocolate Lake, and major transit routes, this fully vacant property presents investors with a rare opportunity to renovate, increase rents, and unlock strong long term cash flow and long term equity growth in Halifaxs high demand rental market. (id:63626)

Listed by: Keith Kenny, Century 21 Optimum Realty

Home facts and features

Price details

List Price

$749,900

Home facts

Bedrooms

Full Bathrooms

Parking Details

Parking Space(s)

Property Type

Multifamily

Lot Size

7126 ft²

Depth

Year Built

Built in 1952 (74 yrs old)

Title

Freehold

Exterior Finish

Vinyl

Features

Balcony

Agent details

Primary Agent

Keith Kenny

Primary Broker

Century 21 Optimum Realty

Listing details

Days on REW

197 Days

Property Views

MLS® Number

202527574

Source

Canadian Real Estate Association

Board

Nova Scotia Association of REALTORS®

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Property Insights

Schools nearby

10 Schools are within 166km

Riverside Consolidated School

n/a
K - 5
In Catchment

Marshview Middle School

n/a
5 - 8
In Catchment

Salem Elementary School

n/a
K - 4
In Catchment

Sackville Christian Academy

n/a
K - 12
In Catchment

Tantramar Regional High School

n/a
9 - 12
In Catchment

Dorchester Consolidated School

n/a
K - 8
In Catchment

Port Elgin Regional School

n/a
K - 8
In Catchment

Caledonia Regional High School

n/a
6 - 12
In Catchment

Hillsborough Elementary School

n/a
K - 5
In Catchment

École Abbey-Landry

n/a
K - 8
In Catchment

358-360 St Margarets Bay RoadHalifax, NS, B3N 1J9