A Hamilton duplex costs about $345,000 to $375,000 per unit, and a triplex is cheaper per unit, at about $273,000. Those are median asking prices over the last 12 months from our Hamilton duplex, triplex and fourplex report. A side-by-side duplex asks $344,950 per unit. An up-and-down duplex asks $374,950 per unit. A triplex asks $273,141 per unit.
So yes, the triplex wins on price per door. It wins by $71,809 a unit against a side-by-side duplex, and by $101,809 a unit against an up-and-down. A cheaper door is only a good buy if the door is real, legal and rentable. That part is where I spend most of my time.
The full numbers, side by side
Here is the whole ladder from the multiplex report. These are median asking prices from listings, not sale prices.
| Building | Median asking price | Per unit | Listings in 12 months |
|---|---|---|---|
| Duplex, side by side | $689,900 | $344,950 | 21 |
| Duplex, up and down | $749,900 | $374,950 | 120 |
| Triplex | $819,423 | $273,141 | 67 |
| Fourplex | $999,900 | $249,975 | 31 |
Look at the jump from an up-and-down duplex to a triplex. You pay $69,523 more for the building. You get a whole extra unit. That is the gap that makes people call me.
Why the third unit is so cheap
Most Hamilton triplexes were not built as triplexes. They are big old houses in the lower city that got cut up over the years. Think Kirkendall, the North End, Gibson, Crown Point. The units are often smaller. A basement unit may have low ceilings. Some were done with permits and some were not.
That is what the lower price per unit is paying for.
An up-and-down duplex is the plain, easy product in this city. There were 120 of them listed in 12 months. Lenders know them. Tenants know them. Buyers know them. You pay extra for that ease, and when you sell, you get some of it back.
My take: the triplex discount is real, but it is a discount for work and risk. Buy it when you know how to handle both.
What I check before I believe the per-unit price
I start with the legal unit count. A listing that says "triplex" may be a legal duplex with a third unit that was never approved. Ask the seller for proof. Then check with the City of Hamilton. If the city sees two units, you own two units, no matter what the ad says.
Next I look at fire separation and exits. A building with more than one unit has fire rules to meet. Fixing them after you close can cost real money. Get a quote before you firm up.
Then I look at the meters. Separate hydro meters let tenants pay their own power. One shared meter means you pay it all, every month, forever. On three units, that eats into cash flow fast.
Last, I look at the rents in place. Long-term tenants paying below market are common in older triplexes. You can't just raise those rents to market. Run the deal on the rents you will actually collect. Our underwriting standard shows how we work out income, costs and price per door, so you can test a listing yourself.
When the duplex is the smarter buy
If you plan to live in one unit, a duplex is often the better fit. The units tend to be larger and easier to live in. You share a wall or a floor with one tenant, not two.
A side-by-side duplex is the one I'd watch closely. It is the cheapest duplex per unit at $344,950. But only 21 came up in 12 months. When a clean one appears, it does not wait long for a buyer.
The duplex is also simpler to resell. With 120 up-and-down listings in a year, there is a steady pool of buyers who want exactly that.
When the triplex is the smarter buy
The triplex makes sense if you want more income per dollar and you are fine with being a hands-on landlord. Three rents also spread your risk. If one unit sits empty, two are still paying.
It also makes sense if you can add value. A triplex with one dated unit is a project. Fix that unit, rent it at market, and the whole building is worth more. That is the value-add play I see work best in Hamilton.
For more on picking buildings and neighbourhoods, see our Hamilton investment properties guide.
Questions people ask
Are these Hamilton multiplex prices what buildings actually sold for?
No. They are median asking prices from listings over 12 months. Sale prices can land above or below the ask. Use them to compare building types, then check recent sales on the street you are looking at.
Is a fourplex even cheaper per unit than a triplex in Hamilton?
Yes. A fourplex asks a median $249,975 per unit, which is $23,166 less per unit than a triplex. Only 31 were listed in 12 months, so there are fewer to choose from. The same checks on legal units, fire rules and meters apply, just with one more unit to verify.
Does the number of units change how I get a mortgage?
It can. Buildings with one to four units are usually financed with regular residential mortgages. Five units or more usually move into commercial lending, which has different rules and down payments. Talk to a mortgage broker about the exact building before you make an offer.
Talk it through before you pick a building
If you are stuck between a Hamilton duplex and a triplex, send me the listings. I will tell you what I see in the units, the rents and the paperwork. Book a plain conversation with me here.