311 SPRUCE Street Waterloo

311 SPRUCE Street, Waterloo, Ontario

$1,499,900

  • 14 Beds
  • 5 Baths
  • 4,304 Square Feet

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:23309)

  • Listing ID: 40580016
  • Property Type: Multi-family

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Details

  • Amenities Nearby: Park, Place of Worship, Public Transit, Schools
  • Equipment: Water Heater
  • Features: Southern exposure
  • Ownership: Freehold
  • Parking Spaces: 4
  • Rental Equipment: Water Heater
  • Transaction: For sale
  • Zoning Description: (H) RN-12

Building

  • BasementType: Full (Finished)
  • Basement Development: Finished
  • Cooling: None
  • Exterior Finish: Brick, Vinyl siding
  • Fireplace Present: False
  • Fire Protection: Alarm system
  • Foundation: Poured Concrete
  • Bathrooms (Total): 5
  • Heating: Baseboard heaters
  • Heating Fuel: Electric
  • Size Interior: 4304 sqft
  • Stories Total: 2
  • Type: Triplex
  • Utility Water: Municipal water

Land

  • Amenities: Park, Place of Worship, Public Transit, Schools
  • Sewer: Municipal sewage system
  • Size Frontage: 56 ft
  • Size Irregular: 0.16
  • Size Total: 0.16 ac|under 1/2 acre
MLS®

Listing provided by Royal LePage Wolle Realty
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This REALTOR.ca listing content is owned and licensed by REALTOR® members of the Canadian Real Estate Association. This property, located at 311 SPRUCE Street in Waterloo Ontario, was last modified on April 30th, 2024. Contact Sabrina Essery to schedule a viewing or to find other properties for sale in Waterloo.

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