$749,900
358-360 St Margarets Bay Road
Beds
—
Baths
—
Sqft
—
Year
1952
Type
Multi-family
Suite
Suite potential
Location nearby
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Armdale. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.
About this home
INVESTOR ALERT Rare value add opportunity in one of Halifaxs strongest rental corridors. This solid multi unit property includes three spacious two bedroom units plus an existing non legal one bedroom basement suite and offers investors a rare advantage of all units vacant at closing, allowing a buyer to immediately renovate, set market rents, and reposition the building to maximize returns from day one. Each upper unit is self contained with its own entrance, hardwood floors, updated windows, and private balconies that provide excellent natural light. The building is efficiently configured with four electrical panels and separate hot water heaters, with tenants paying their own electricity, helping keep operating costs low and management simple. Recent improvements include new siding and fresh paint in two units, reducing near term capital requirements while maintaining strong tenant appeal. Situated on a 50 x 145 ft lot with parking for at least five vehicles, the property offers excellent tenant convenience in a desirable rental location. For investors focused on maximizing value, there is strong upside through renovations and repositioning. Updating the units with modern kitchens and finishes, adding shared laundry, and exploring the opportunity to legalize and improve the existing basement suite (subject to municipal approval) could significantly increase income potential. Based on current market estimates, renovated two bedroom units could achieve approximately $2,000 per month plus utilities, with the one bedroom basement unit estimated around $1,500 per month, creating potential gross rental income of approximately $90,000 annually once stabilized. Ideally located minutes from the Armdale Rotary, Chocolate Lake, and major transit routes, this fully vacant property presents investors with a rare opportunity to renovate, increase rents, and unlock strong long term cash flow and long term equity growth in Halifaxs high demand rental market. (id:65958)
- Subtype
- Multi-family
- Structure
- Triplex
- Community
- Armdale
- Common interest
- Freehold
- Lot size
- 0.16 acres
- Lot dimensions
- 0.1636
- On market
- Nov 10, 2025
- Status changed
- Apr 27, 2026
- Photos
- 50
- MLS#
- 202527574
- Area
- ARMDALE
Features and systems
Parking
Exterior
Flooring
Foundation
Lot
Utilities
Cash on cash
-6.71%
Cap rate
3.52%
GRM
16.7
Break-even rent
$4,632
Financing
Operating expenses (monthly)
Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Mortgage estimate
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 27, 2026.