25 Station Street St. Thomas, Ontario N5P 2W8

$538,800

Fantastic investment opportunity in the growing city of St. Thomas! This 1.5-storey legal triplex offers strong income with long-term tenants in place and significant upside as current rents are well below market. The property features three units plus a bonus detached shop that is leased for additional monthly revenue. The main front 2-bedroom unit has been fully updated with new flooring, trim, lighting, doors, hardware, a modern kitchen with updated appliances (fridge, stove, dishwasher, washer & dryer), and a stylish bathroom with a tiled shower. The upper studio unit has also been renovated and includes a gas fireplace, with the potential to convert it into a 1-bedroom by adding a wall. The rear 1-bedroom unit is efficiently heated with electric baseboards. Tenants pay separately metered hydro. The landlord pays water and heat for the main and upper units. Rents: 2-bedroom at $1,650, 1-bedroom at $666.25, and studio at $556.58. The detached rear shop provides an additional $515/month. One tenant is on a lease; the other two are month-to-month. Major improvements include: new roof and underlayment (2022), furnace replaced (2017), owned water heaters (2016), fresh exterior painting, and a new window in Unit A. A small lot across the street (26 Station St) is included in the sale, offering 3 extra parking spaces for a total of 4-5. This is a turnkey, low-maintenance income property with excellent future potential in a high-demand rental area. A great addition to any investor's portfolio. (id:60297)

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https://www.realtor.ca/real-estate/29330578/25-station-street-st-thomas-st-thomas