625 Herring Cove Road, 627 Herring Cove Road

Description

Renovated Turnkey Side by Side Duplex. Investment with Exceptional Upside. Welcome to 625/627 Herring Cove Rd, an extensively renovated, vacant, move in ready duplex where every detail has been upgraded, offering incredible flexibility for investors, developers, or homeowners. From top to bottom, this property has been completely transformed with two separate 200amp panels, one per unit, all new electrical, plugs, lighting, & thermostats, new efficient electric baseboards, hardwired smoke detectors, all new plumbing, vinyl plank flooring throughout, new trim, closet doors, interior & exterior doors, renovated kitchens with new appliances & all new hardware throughout, updated bathrooms, new stairs, new front & back porches, new windows from the main level down, & fresh paint throughout, truly making this feel like a brand new home in duplex form. The opportunities here are unmatched, subdivide & sell individually with services already separated, estimated at approximately $20K to complete, with strong comparable sales, including nearby properties sale supporting resale values of $550K+/side, hold as a strong income property generating approximately $2800+/month per unit plus utilities, with tenants responsible for all power & water, previously rented at this rate, resulting in over $60K NET annual income, approximately $2400/year in taxes & $2000/year in insurance, & an estimated 6.4% cap rate, well above many comparable duplexes currently trading in the 4-5% range, or house hack by living in one unit & renting the other to offset your mortgage. Located just 15 mins to downtown Halifax in a rapidly developing area with significant nearby growth, large scale developments close to the property & with comparable peninsula properties exceeding $1M in cost generating similar rents, this location is primed for appreciation, making this a rare turnkey investment with multiple strategies that delivers on every level. (id:56844)