Excellent investment opportunity in a highly sought-after Orillia neighbourhood. This well-maintained legal triplex offers immediate rental income along with future upside, including approved plans for a fourth unit with construction already underway. The upper level features two large, bright one-bedroom units, each with independant laundry capability, freshly painted interiors, updated flooring, and modern bathrooms. Both are vacant and move-in ready, ideal for optimizing rental strategy or owner occupancy. The main floor includes a third one-bedroom unit, currently occupied by a reliable long-term tenant at market rent, as well as a large storage area that is roughed-in and presents clear potential for conversion into a fourth unit (see attached plans). A full utility room adds further functionality. Additional highlights include an outbuilding for storage or future use, three separate hydro meters, private entrances, dedicated parking for each unit, updated vinyl windows, and a prime location close to shopping, transit, the hospital, and parks. Whether expanding an existing portfolio or entering the investment market, this property represents a versatile, income-producing asset in a strong and stable rental area.