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.
Address
550 Phelps Ave
List Price
$1,050,000
Property Type
Residential
Type of Dwelling
Single Family Residence
Transaction Type
Sale
Area
Langford
Sub-Area
La Thetis Heights
Bedrooms
6
Bathrooms
3
Floor Area
2,475 Sq. Ft.
Lot Size
8712 Sq. Ft.
Lot Size (Acres)
0.2 Ac.
Year Built
1969
MLS® Number
1026612
Listing Brokerage
Pemberton Holmes Ltd. - Oak Bay
Basement Area
None
Postal Code
V9B 3H7
Tax Amount
$4,983.00
Tax Year
2025
Features
Carpet, Dishwasher, F/S/W/D, Heat Pump, Microwave, Mixed, Vinyl, Winding Staircase
Amenities
Balcony/Deck, Balcony/Patio, Fencing: Full, Low Maintenance Yard
