1278 Queen Street

Key facts

• Property type: Multi-family
• Structure: Fourplex
• Transaction: For Sale
• Price: $2,585,000
• Lot size: 0.1037
• Year built: 1881
• Listing key: 29743914

Listing overview

Few properties in Halifax carry the presence of this 1880 Schmidtville residence. All four units total 5,400 square feet. The main home is 3,400 square feet across three graceful storeys and is presently occupied by the owners. Together, the three rental units generate $91k in annual gross rental income and $65k in annual net income. At an estimated 4.5%-5% cap rate, the rental component alone supports a valuation of roughly class="container" id="details-container".3m to class="container" id="details-container".45m This values the main unit between class="container" id="details-container".15m and class="container" id="details-container".3m at the list price - substantially below what a standalone home like this would be valued at, creating a large built-in discount. Alternatively, you can rent out the main unit. It was previously rented for $7,050 monthly (Gross of class="container" id="details-container"75k and net of class="container" id="details-container"30k annually). There's potential to increase this in numerous ways. With 11½-foot ceilings on the main floor the main residence commands its surroundings w...