311 SPRUCE Street, Waterloo, Ontario N2L3M6

  • $1,499,900
311 SPRUCE Street, Waterloo, Ontario N2L3M6
For Sale
311 SPRUCE Street, Waterloo, Ontario N2L3M6
  • $1,499,900

Overview

Property ID: 2433731
  • Multi-family
  • Property Type
  • 14
  • Bedrooms
  • 5
  • Bathrooms
  • 4
  • Garages
  • 4304.0

Description

Nearly $112,000 Projected Gross Annual Income available here! Discover a prime real estate opportunity in the heart of Waterloo, just a two-minute stroll from WLU and a short walk to the lively amenities of Uptown, with convenient access to the UW. This strategically positioned, triplexed building presents a rare prospect for private-sector investors, boasting three City-approved rental licenses. Unit A has undergone recent renovations, featuring updated flooring and fresh paint. Unit B offers significant potential for increased annual rental income upon tenant departure and is currently undergoing renovations (paint and flooring). Unit C re-rented for September, 2024 at $2775 plus electricity ($7500+ annually more than current rents. This unit impress with spacious common areas. All units are designed with generously sized common areas, in-suite and spacious bedrooms equipped with individual temperature control. The unit mix includes 3, 5, and 6 bedroom configurations, providing versatility and catering to various tenant needs. Parking is ample, and each unit features individual electrical meters. Units B and C present an additional opportunity to shift electrical costs to tenants upon re-rental, contributing to increased profitability. The roof, recently replaced in 2022, ensures a low-maintenance investment. This is an ideal fit for a range of investors, whether you’re a veteran investor seeking a foothold in the lucrative Waterloo rental market, a parent looking for the perfect location for your university-bound child, or a university employee desiring proximity to work with the added benefit of strong mortgage-helper income. The property’s zoning may open doors to future development opportunities when combined with adjacent properties. Positive cash flow opportunity with 35% down and additional upswing potential. Investor worksheet is available to demonstrate how this property can work for you. Seize the chance to get your hands on this Money Maker! (id:56724)

Details

Updated on June 1, 2024 at 2:18 pm
  • Property ID: 2433731
  • Price: $1,499,900
  • Property Size: 4304.0
  • Land Area: 0.16 acres
  • Bedrooms: 14
  • Bathrooms: 5
  • Garages: 4
  • Property Type: Multi-family
  • Property Status: For Sale
  • MLS#: 40580016
  • MLS Status: Active

Additional details

  • Sewer: Municipal sewage system
  • Cooling: None
  • Heating: Baseboard heaters,Electric
  • Stories: 2
  • Basement: Finished,Full
  • Directions: Near Corner of Hickory Street and Spruce Street. One Block from Wilfrid Laurier University.
  • Lot Features: Southern exposure
  • Water Source: Municipal water
  • Parking Total: 4
  • Structure Type: Triplex
  • Common Interest: Freehold
  • Tax Annual Amount: 11247
  • Security Features: Alarm system
  • Foundation Details: Poured Concrete
  • Lot Size Dimensions: 0.16
  • Zoning Description: (H) RN-12
  • Number Of Units Total: 3
  • Address 311 SPRUCE Street
  • City Waterloo
  • Province Ontario
  • Postal Code N2L3M6
  • Area 417 - Beechwood/University
  • Country Canada

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