56 Leger Avenue, St. Thomas ON

About 56 Leger Avenue

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. (id:56071). Get more information on 56 Leger Avenue

Property Features

Appliances:  Dryer, Stove, Washer, Refrigerator
Rental Equipment:  
Directions:  Fairview / Leger
Interior Size:  700 - 1100 sqft
Fence:  Fenced yard
Lot:  50.5 x 100 FT 50.5 x 100 FT
Exterior Finish:  Brick, Vinyl siding
Water:  Municipal water, Sanitary sewer
Heating / Cooling:   Electric, Natural gas / Central air conditioning, Wall unit
Age: 
Foundation: Poured Concrete
Basement:  Full (Finished) Finished

Rooms & Sizes