1550-1554 Vernon Street Street

Description

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:56844)

Listing

MLS® number

202624982

Status

Active

Days On Market

29

Building

Type

Triplex

Foundation

Stone, Unknown

Interior

Flooring

Hardwood, Laminate, Vinyl

Heating

Baseboard heaters, Natural gas, Radiator, Hot Water

Appliances

Washer, Dryer - Electric, Refrigerator, Dishwasher, Stove

Land

Lot size

0.09 acres

Exterior features

Aluminum siding

Community

School Bus, Recreational Facilities

Parking

Type

Gravel, Shared

Utilities

Water

Municipal water

Sewer

Municipal sewage system

Fees and taxes

Common interest

Freehold

Parcel number

00049890

Directions

From Robie Street, turn onto Coburg Road, then turn onto Vernon Street. Property is located at 15501554 Vernon Street.