- Multi Family
Overview of 1550-1554 Vernon Street Street, Halifax, NS (MLS® 202624982)
1550-1554 Vernon Street Street, Halifax, NS (MLS 202624982): 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.
Listing Courtesy of: Royal LePage Atlantic
Description
From Robie Street, turn onto Coburg Road, then turn onto Vernon Street. Property is located at 1550–1554 Vernon Street.
Inclusions & Exclusions
Inclusions: Major appliances.
Exclusions: Tenant possessions.
