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(902) 523-3414
Real Estate Company
1550-1554 Vernon Street Street, Halifax, NS B3H 3M7
- $2,075,000
- 12
- BD
- List Price
- $2,075,000
- Status
- ACTIVE
- MLS#
- 202624982
- Bedrooms
- 12
- Lot Size (Acres)
- 0.0913
- Style
- Apt Conforming
Property 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 Halifax’s highest-demand rental locations. Comprising three civic addresses—1550, 1552 and 1554 Vernon Street—the 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 Halifax’s university district.
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Additional Information
- Area
- Halifax - Dartmouth
- Foundation
- Stone, Other
- Stories
- 2
- Community Features
- Park, Playground, Near Public Transport, Recreation Center, School Bus Service, Shopping, Place of Worship
- Basement
- Finished
- Appliances
- Stove, Dishwasher, Dryer - Electric, Washer, Refrigerator, Dryer
- Flooring
- Hardwood, Laminate, Vinyl
- Exterior Finish
- Aluminum Siding
- Parking Features
- Dirt, Gravel
- Roof
- Asphalt
- Utilities
- Natural Gas Connected
- Water Source
- Municipal
- Sewer
- Municipal
- Elementary School
- Lemarchant - St Thomas Elementary School
- Middle School
- Halifax Central Junior High School
- High School
- Citadel High School
- Appliances
- Stove, Dishwasher, Dryer - Electric, Washer, Refrigerator, Dryer
- Zoning
- ER-3
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Listing courtesy of Royal LePage Atlantic.