Area: British Columbia
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Welcome to 550 Phelps Avenue, a versatile income property in Thetis Heights offering strong revenue potential and flexible living options. This well-maintained home is set up with a 3-bedroom suite upstairs, a 2-bedroom plus office on the lower level, and additional studio-style space with kitchenette, providing flexibility depending on your needs. Each living area includes in-suite laundry and its own heat pump for individual climate control, a highly desirable setup for tenant comfort and long-term retention. The upper suite offers open living with a spacious kitchen and island, generous room sizes, and access to its own deck and the backyard. Entry is via a spiral staircase, creating clear separation between the upper and lower living spaces. The lower level opens to a large patio and a wired gazebo with fan, creating a functional outdoor area for everyday use or entertaining. The yard is large, flat, and fully fenced, with a dog kennel and a large shed that works well as a hobby space or additional storage. 200 amp electrical service supports the home, and gated access provides ample parking for boats, RVs, trailers, work vehicles, and additional storage needs. Located within walking distance to Thetis Lake Regional Park and offering easy access to Hwy 1, shopping, schools, parks, and transit routes, this is a well-positioned property in a consistently in-demand area. The layout, separation between living areas, and independent systems support strong rental appeal, making this a practical option for investors seeking stable income and long-term value in a well-connected neighbourhood. (id:44056)

Property Details

Full Address:
550 Phelps Ave, Langford, British Columbia
Price:
$ 1,050,000
MLS Number:
1026612
List Date:
April 2nd, 2026
Lot Size:
8712 sq.ft.
Year Built:
1969
Taxes:
$ 4,983

Interior Features

Bedrooms:
5
Bathrooms:
3
Appliances:
Washer, Refrigerator, Dishwasher, Stove, Dryer, Microwave
Air Conditioning:
Air Conditioned
Heating:
Heat Pump
Fireplaces:
2

Building Features

Zoning:
Residential
Garage Spaces:
6
Ownership Type:
Freehold
Taxes:
$ 4,983

Floors

Finished Area:
2475 sq.ft.

Land

Lot Size:
8712 sq.ft.

Neighbourhood Features

Ratings

Commercial Info

Neighbourhood Details

Location

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Cheryl Nelson Pemberton Holmes Ltd. - Oak Bay
 250-885-6170
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Listing Agent(s)

Listing: Cheryl Nelson
Pemberton Holmes Ltd. - Oak Bay

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