This is a rare opportunity to get a very profitable RENOVATED rental investment
property in the north end on the peninsula! It is a very quiet building located only two
blocks from the Hydrostone.

 

Each of the four units is a 3 bedroom and 1 bath with
firewalls in between and distinctively separate town home units. The building/units have
extensive renovations of over $200,000 the last few years. With their own front and
back doors and private renovated patio decks, this is a great property for both landlords
and tenants.

The renovations include:
 Completely brand new bathrooms
 Completely brand new kitchens
 Brand new appliances still under warranty (6 per unit)
 Exterior LED lighting
 Interior LED lighting throughout
 Only carpet is new commercial carpet on stairs
 Partial new flooring in each unit with one having all new flooring
 New 100 amp electrical panels for each unit and kitchen areas all new electrical
 Brand new 48 Gallon hot water tanks in each unit
 The patio units were replaced a number of years ago
 Landscaping updates completed
 A new roof within last 6-7 years too
 The windows were inspected by two window companies recently and all are in
great shape except one being replaced with a new window pane
 The brand new siding, window cladding, and eavestroughs finished July 23/2021
The building is always fully rented and never any vacant months with renewals very
common. Anytime a unit becomes available then a large number of interested parties
are anxious to become the successful new tenant.

 

The rental income is $92,880 with no
leases expiring until end of August in 2022! The tenants are responsible for water, hot
water, snow removal, electricity, and heat.
The property taxes are $10,289.19, lawn care of $500, property insurance of $2,630,
and with all the completed renovations maintenance allowance of $1,500 is reasonable
with onsite tenant providing handyman work. So approximate total expenses of
$14,919.19.

This means that almost $78,000 in net revenue and 5.30% cap rate at listing price! With
brand new multi-unit buildings in HRM at 2.75% to 3.25% and older units 3.75% to
4.25%, this is a wonderful opportunity for a new investor at this price point.
The four units are almost identical with ability to show one empty unit for a few more
days and one occupied unit.

 

For serious buyers or after successful offer, then full
access to all four units for personal viewing or inspection purposes. The property has
been inspected and there are no known issues and current owner/landlord also has
completed Property Disclosure Statement. A new owner will of course receive all 3 fixed
term leases and 1 periodic lease along with the responsibility of honouring all leases
until at least August 2022.

I anticipate private booking appointments within the first few days and accepting open
offers until Wednesday, July 28 at 6 pm.

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This is a For Sale By Owner, Mere Posting Listing, Please contact the sellers directly for all viewing appointments and questions. Sellers Contact information:

 902-401-2508 or email brandy.doyle@gmail.com

 

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If you would prefer to work with one of our agents, Please contact Linda Clarke at 902-452-5725 or email: linda@flatrateworks.ca

For all information and viewing requests on this or any other property you may be interested in.

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Please click on the photo below for more photos and further detailed information on this property.