1023 Bland Street, Halifax, NS

About 1023 Bland Street

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 ***

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