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Duplex/Triplex for Sale in Toronto: Real Numbers, Real Cash Flow
You’ve probably heard it before: “You can’t cash flow in Toronto.” But that’s just not true—if you buy the right property and have a smart plan.
Let’s break down a real triplex conversion in Toronto that proves cash flow is still possible in 2025—and shows how the right duplex or triplex investment can set you up to scale faster.
The Property: Legal Triplex Conversion Potential on a 28x120 Lot
Our client bought a semi-detached home on a 28-by-120-foot lot in Toronto with one goal: create a legal triplex now and build long-term upside for later.
Why this worked:
Large footprint
Full-sized double garage at the back (future garden suite potential)
Separate entrances for all 3 levels—ideal for conversion
These investors had looked at Toronto condos, but the numbers didn’t work. Cash flow was tight, appreciation wasn’t great, and there was no room to grow. Switching to a freehold triplex strategy opened the door to better returns, long-term flexibility, and more control over the investment.
Triplex Conversion Plan: Renovate for Income, Not Just Looks
Here’s the plan to legally convert this Toronto house into a triplex:
Upper floor: 2-bedroom unit
Main floor: 1-bedroom unit
Basement: 2-bedroom unit with separate entrance
No underpinning needed. Renovations are mostly cosmetic: new kitchens, bathrooms, layouts. Budget is around $180,000.
And because of the existing structure and layout, the conversion is way more straightforward than most triplex projects in Toronto.
Cash Flow Breakdown: Over $2,000/Month Net
Projected gross rent: ~$6,100/month
Operating costs + mortgage: covered
Projected net cash flow: $2,000+/month
That’s without the garden suite. With three legal units and solid tenant demand, this triplex delivers strong passive income—a rare find in Toronto these days.
Bonus: Future Garden Suite = Extra $2K to $3.5K/Month
That two-car garage out back? It’s not just for storage.
Here’s what’s possible:
Basic conversion: 1-bed unit, rent for ~$2,100/month
Full laneway house: 3-bed unit, rent for ~$3,500/month
This adds another layer of value and income, without needing to buy more land. This is how you scale smarter in Toronto.
Refinance Strategy: Pull Equity to Grow
If they stop at the triplex, the after-reno value should land around $1.1M to $1.15M. That’s decent—but not a big enough lift to refinance meaningfully.
But with the garden suite, comps suggest the property could appraise for $1.6M to $1.7M. That opens the door to a $500K equity takeout—fuel for the next deal.
Why This Triplex Deal Works in 2025
If you’re looking for a duplex or triplex for sale in Toronto, here’s why deals like this stand out:
Better cash flow than condos or single-family homes
Real equity growth from renovations and planning
Long-term upside from Toronto’s multiplex and garden suite policies
And this isn’t a unicorn. We’re finding deals like this for clients right now.
Want Help Finding a Duplex or Triplex for Sale in Toronto?
This deal proves that strong cash flow is still possible in Toronto. But you need the right type of property, a clear strategy, and a team that understands how to maximize both the income and the long-term value.
If you’re not sure what’s best for your situation, let’s chat! We specialize in helping investors navigate the Toronto multiplex market with confidence. Our approach is based on real data, not speculation, so you can make informed investment decisions.
Here’s what it’s like to start as a client with us:
- Initial Consultation: We’ll talk with you to understand your needs and teach you how to invest wisely in Toronto real estate.
- Market Search & Purchase: We’ll search the market to find the perfect property for you.
- Renovation Support: If the property needs renovations, our trusted contractors are ready to help, and we’ll coach you as you manage the project.
- Leasing and Management: If you need help renting out and managing your property, our leasing and management team is here for you.
Want to see what’s possible for you? Book a strategy session with us here.
What Toronto Real Estate Investment Is Right For You?
Check out our complete Toronto real estate investment guide for all the details and real-life examples. If you’re ready to dive in, just book a call with us!
