Few properties in Halifax carry the presence of this 1880 Schmidtville residence. All four units total 5,400 square feet. The main home is 3,400 square feet across three graceful storeys and is presently occupied by the owners. Together, the three rental units generate $91k in annual gross rental income and $65k in annual net income. At an estimated 4.5%-5% cap rate, the rental component alone supports a valuation of roughly $1.3m to $1.45m This values the main unit between $1.15m and $1.3m at the list price - substantially below what a standalone home like this would be valued at, creating a large built-in discount. Alternatively, you can rent out the main unit. It was previously rented for $7,050 monthly (Gross of $175k and net of $130k annually). There's potential to increase this in numerous ways. With 11½-foot ceilings on the main floor the main residence commands its surroundings with the kind of architectural character that simply cannot be replicated today. A rooftop patio completes the picture, offering sweeping views over one of the city. The main residence offers five bedrooms and three bathrooms arranged across a classic Halifax layout, with generous room sizes, original character, and thoughtful recent renovations throughout. Step outside and the best of Halifax is on foot: Spring Garden Road a block away, the waterfront five minutes, the city's finest restaurants and boutiques within easy reach. Citadel High School is a fifteen-minute walk. Rarely does a historic home of this calibre come paired with income that essentially carries itself. Three fully self-contained rental units two behind the main house (a one-bedroom and a four-bedroom) and one at street level operate with complete separation from the primary residence. They require virtually no management and vacancy- when it occurs at all - it fills within days. Many upgrades and renovations have been completed over the past year. (id:4069)
Address
1278 Queen Street
List Price
$2,585,000
Property Type
Multi-family
Transaction Type
Sale
Area
Nova Scotia
Sub-Area
Halifax
Lot Size
0.1037 Sq. Ft.
Year Built
1881
MLS® Number
202610661
Listing Brokerage
Royal LePage Atlantic
Postal Code
B3J2H4
Site Influences
Park, Public Transit, Shopping, Place of Worship
Features
Balcony
