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Est. payment /mo
Active
56 Leger AVE St. Thomas, ON N5R 5P7
5 Beds
2 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 700-1100
Subdivision St. Thomas
MLS Listing ID X13076554
Style Sidesplit
Bedrooms 5
Annual Tax Amount $3,668
Tax Year 2025
Property Sub-Type Duplex
Property Description
A prime opportunity to own a turnkey, cash-flowing duplex on the south edge of St. Thomas - fully renovated, professionally positioned, and generating immediate income from day one. Configured as a 3-bedroom upper unit and a 2-bedroom lower unit, both units have been completely updated in 2024, delivering a true "plug-and-play" investment. Interior improvements include brand new kitchens with quartz countertops, updated cabinetry, subway tile backsplashes, refreshed bathrooms, new flooring throughout, and in-suite laundry in both units - a level of finish that not only attracts quality tenants, but helps support long-term rent stability. From a numbers standpoint, the property is currently producing $3,790/month in gross rental income, with a clear path to $3,990/month based on achievable market rents. After accounting for approximately $1,044/month in operating expenses, this results in a net operating income of ~$2,745/month ($32,951 annually) on current rents, and ~$2,945/month ($35,351 annually) at market rents. At the current list price, this translates to a 5.9% cap rate based on actual income, with the ability to push into the 6.3% range as rents are optimized - offering both immediate return and built-in upside. Operationally, the property is well thought out. Each unit benefits from its own dedicated heating and cooling system, helping reduce tenant overlap and simplifying expense management - with the upper unit serviced by a forced air furnace and central A/C, and the lower unit equipped with heat pumps (with integrated AC) and baseboard as backup. Combined with separate hydro meters and parking for up to 5 vehicles, this is a low-friction asset from a management standpoint. Location plays a key role here as well. Positioned on the south edge of St. Thomas, tenants have access to a wide range of schools, parks, walking trails, and everyday amenities - a consistently desirable area that supports tenant demand and long-term occupancy.
Location
Province ON
County Elgin
Area Elgin
Rooms
Family Room Yes
Basement Full, Finished
Kitchen 2
Separate Den/Office 2
Interior
Interior Features None
Cooling Central Air, Wall Unit(s)
Inclusions Refrigerators x2 / Stove x2 / Washer x2 / Dryer x2
Exterior
Exterior Feature Porch
Parking Features Private
Pool None
Roof Type Asphalt Shingle
Lot Frontage 50.54
Lot Depth 100.0
Total Parking Spaces 5
Building
Foundation Poured Concrete
Others
Senior Community No
ParcelsYN No
Listed by PRIME REAL ESTATE BROKERAGE
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