25 Station Street: $524,900 for a St. Thomas triplex with three rental units, an income-generating workshop and a bonus parking lot
Address: 25 Station Street
Neighbourhood: St. Thomas
Agent: Re/Max Hallmark A Team
A one-and-a-half storey triplex in St. Thomas, comprising three rentals and a detached workshop in the back, plus a small parking lot.
For those looking to get into the income property game, this detached triplex, located just a couple blocks from St. Thomas’ Talbot Street, offers an affordable entry point onto the ladder.
The property itself takes the form of a converted detached home, with an upper-level studio apartment and two units ― a one-bedroom and a two-bedroom― on the main floor. The upper-level studio was recently renovated and features high ceilings, slanted walls, hardwood-style flooring and a charming gas fireplace. With white walls and lots of natural light, the unit has a bright atmosphere, plus it is also easily convertible into a full one-bedroom with the addition of a single wall.
The main floor units comprise a one-bed unit and a two-bedroom unit. The latter has been recently updated from top to bottom, including the addition of new flooring, a new kitchen, new appliances, updated trim, doors, lighting and hardware and a new bathroom, all with a stylish modern vibe. There’s also a basic shop built into a shed in the back of the large backyard, which currently rents for $515. In addition, the property includes a small lot across the street at 26 Station Street, which adds an additional three parking spots. Total rent from all four units is approximately $3,400; tenants pay for separately metered hydro and landlord pays heat for main and upper units and for water for all.
The house has had some functional upgrades in recent years that will appeal to investors. The furnace was replaced in October 2017, while the water heaters were newly purchased and installed in 2016. And a big one ― the roof ― was newly installed last year.
This property is an ideal entry point into the investment property market, either for a buyer looking for a live-in rental opportunity – occupy one of the units and let the additional units cover your carrying costs – or for someone looking to get a foothold on the property ladder.
Big Selling Point
Three units, a low-cost, a live-in option and lots of recent upgrades make this an attractive springboard into the real estate market. Plus, with plenty of demand for employment from the new Amazon fulfillment facility and the newly announced Volkswagen EV battery plant, rental housing demand is expected to be on the rise in St. Thomas for some time to come.
By the Numbers
- 1 two-bedroom unit
- 1 one-bedroom unit
- 1 studio apartment
- 1 rental workshop
- 1,700 overall square feet
- 5 parking spaces
- 120- by 42-foot primary lot
- 1 adjacent parking lot
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