1023 Bland Street (MLS® 202219667)

Halifax, NS, B3H 2S8

Summary

MLS ®:
 202219667
Price:
 $1,215,000
Status:
 Pending
District:
 2
Zoning:
 R-2A
Property Type:
 5-8 Units
Title To Land:
 Freehold

Income

Approx. Total Income:
 91,800
Laundry Income:
 $1,800(potential)
Income Details:
Call 902-499-7886

Expenses

Water & Sewage Expense:
 $1800 (estimated)
Insurance Expense:
 $1,500
Tax Costs:
 $5954.51
Electricity Bill:
 $500 (estimated)
Expense Details:
Call 902-499-7886

Property Overview

1023 Bland Street, Halifax (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

Hollis Street to Bland Street

Building Specs.

Foundation Type:
Concrete, Stone
Roof Material:
Other
Exterior Finish:
Wood Siding
Flooring Type:
Hardwood, Softwood, Vinyl Plank
Heating & Cooling:
Baseboard
Water:
Municipal
Sewage:
Municipal
Title:
Freehold

Garage & Parking

Garage:
No
Driveway/Parking:
None

Inclusions

Appliances “as-is / where-is” condition

Exclusions

Tenants Chattels

Rental Equipment

None

Map

Contact Agent