Super cute Toronto triplex hits the market for under $1.5 million

Buying a house in downtown Toronto — or, frankly, anywhere in Toronto — is expensive enough.

Buying one in the middle of Little Italy, Trinity Bellwoods, Kensington Market and Ossington, where semi-detached houses can sell for more than $2 million, can feel downright impossible.

But 221 Palmerston Ave. comes with a rather useful feature: two other households helping you pay for it.

The entrance into the main-floor unit. 

The striking blue semi-detached house, which dates back to 1890, has been divided into three separate units, each with its own entrance.

The living room in the main floor unit. 

And according to the listing, the upper and lower units are already rented to tenants who collectively pay around $4,100 per month.

The kitchen in the upstairs unit. 

That works out to just over $49,000 a year in rental income — which makes the $1,400,000 asking price a lot more palatable.

The primary bedroom of the main floor unit. 

It's a particularly interesting setup for someone trying to get into one of Toronto's more expensive central neighbourhoods without necessarily having the budget normally associated with owning an entire house there.

A den on the main floor unit. 

The home has four-plus-one bedrooms and three bathrooms spread across approximately 1,442 square feet above grade, plus another 784 square feet in the basement.

A recently renovated bathroom of the main floor unit. 

And while it's currently an income property, it doesn't really look like your stereotypical Toronto triplex.

The front hall. 

It's actually super cute.

The exterior of 221 Palmerston Ave. 

The exterior is painted a wonderfully bold blue with contrasting trim, while the main-floor owner's suite has been updated with a more contemporary look.

The updated kitchen of the main-floor unit. 

Moody burgundy walls, a modernized kitchen and bathrooms, and bright bedrooms make the space feel welcoming and move-in ready.

The backyard. 

There's also a surprisingly private backyard, complete with planters and grapevines that help shield the outdoor space from the surrounding city.

The balcony with views of the CN Tower. 

Upstairs, a balcony comes with views of the CN Tower — just in case you needed a reminder of how centrally located you are.

The main floor unit. 

The house sits on a 17.25-by-127-foot lot on a quieter, tree-lined stretch of Palmerston Ave., putting it within easy walking distance of Little Italy, Trinity Bellwoods, Kensington Market and the Ossington strip.

The bedroom in the upstairs unit. 

Streetcars are also just a block or two away.

The garage. 

But perhaps the most shocking feature for a house this central is hiding out back: a full two-car garage.

The living room of the upstairs unit. 

That's practically a Toronto real estate unicorn, particularly in a neighbourhood where finding even one parking spot can sometimes feel like a luxury.

The basement unit bedroom. 

The listing even suggests the garage could double as storage for "big toys" or be turned into a woodworking space, if parking two cars downtown isn't your thing.

The upstairs unit bathroom. 

Of course, buying a multi-unit property with existing tenants isn't quite the same thing as buying an empty house and immediately deciding how you'd like to use every square foot.

The main floor unit. 

Prospective buyers would need to understand the existing tenancies and Ontario's landlord and tenant rules before making any assumptions about how or when they could occupy the rental units.

The basement kitchen. 

But longer term, the house offers plenty of flexibility.

The updated main floor kitchen. 

You could keep the existing three-unit configuration and continue collecting rental income or, down the road, convert the whole thing back into a single-family home.

Plenty of storage space in the main floor unit's primary bedroom. 

For anyone determined to own an actual house in this part of downtown Toronto, 221 Palmerston Ave. presents an intriguing proposition.

The back of the house. 

Because while having tenants upstairs and downstairs might not be everyone's dream home scenario, collecting nearly $50,000 a year from them certainly makes the property ladder look a little easier to climb.