MLS® 202219667
List Price$1,215,000
PID00102517
Type5-8 Units
Lot Size
List Date Aug. 11, 2022 (47 Days)

Overview

1023 Bland Street, Halifax, NS (MLS® 202219667): Check out this possible development opportunity, close to universities, hospitals and downtown. Currently the property consists of 5 character-filled one bedroom units, never a vacancy due to its amazing location. There might be the possibility to increase revenue and building value (BRRR) by converting unit 3 to a two bedroom (stamped engineer beam has been designed) buyer to confirm. It also may be possible to convert the main floor into two studio/bachelor units under a heritage development agreement (buyer to confirm) for a total of 6 units, as per other similar buildings on the street. It may be possible to convert the walk-out garden level unit to 2 bedrooms too if a concrete well was dug in the front of the building like a similar building across the street (buyer to confirm). As the building is currently configured there are fixed term leases in place until December 31st, 2022 as follows: Unit 1 (1700) dog friendly with direct backyard access, unit 2 (1600), unit 3 (1600) unit 4 (1375) and unit 5 (1375). Heating and hotwater is electric all on separate meters (tenants pay). As a middle row house heating costs for tenants are reasonable and sprayfoam was added in 2020 and blown in cellulose insulation in 2021. All 5 hot water tanks are newer. Electrical upgrade (2012 & 2021) and new roof (2009) and 4 new exterior doors (2021). There is an LG Prestige heat pump in unit 1 and wires are in place for heat pumps in unit 4 & 5. Projected rent after potential conversion (buyer to confirm): bachelor/studio (2 x $1250) junior one bedroom (2 x $1375) and two bedroom ($2000) and dog friendly 2 bedroom ($2100). It may be possible to assume sellers mortgage at 2.94% until February 2025. *** FOR MORE INFORMATION PLEASE VISIT REALTOR WEBSITE ***

Listing Courtesy of: INNOVATIVE REAL ESTATE LTD - A507


Directions

Directions to 1023 Bland Street, Halifax, NS (MLS® 202219667): Hollis Street to Bland Street


Inclusions

Appliances “as-is / where-is” condition


Exclusions

Tenants Chattels


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Homes in HRM

Sheila Banser is an award-winning REALTOR® at Royal LePage Atlantic in Halifax, Nova Scotia. Since 2003, Sheila has been helping clients buy and sell their homes in Halifax, Bedford, Dartmouth, Hammonds Plains, Sackville, Timberlea, Fall River and beyond.

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