1278 Queen Street

Description

Few properties in Halifax carry the presence of this 1880 Schmidtville residence. At 3,400 square feet across three graceful storeys with 11½-foot ceilings on the main floor the main residence commands its surroundings with the kind of architectural character that simply cannot be replicated today. A rooftop patio completes the picture, offering sweeping views over one of the citys most coveted neighbourhoods. The main residence offers four bedrooms and three bathrooms arranged across a classic Halifax layout, with generous room sizes, original character, and thoughtful recent renovations throughout. Step outside and the best of Halifax is on foot: Spring Garden Road a block away, the waterfront five minutes, the citys finest restaurants and boutiques within easy reach. Citadel High School is a fifteen-minute walk. Rarely does a historic home of this calibre come paired with income that essentially carries itself. Three fully self-contained rental units two behind the main house (a one-bedroom and a four-bedroom) and one at street level operate with complete separation from the primary residence. Each has its own entrance, its own tenants, and its own quiet life. They require virtually no management and vacancy- when it occurs at all - it fills within days. Together, the rental units generate $91,000 in annual gross rental income, with $65,000 in annual net income, creating rare cash flow for a property of this calibre and location. At an estimated 4.5%5% cap rate, the rental component alone supports a valuation of $1.3 million to $1.45 million. What the rental income implies about the effective cost of the main residence is worth noting. Properties of this standing heritage-protected, income-generating, and walkable to everything rarely come to market in Schmidtville. (id:56844)