50
311 Spruce Street
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$1,480,000 Sale
Listed 63 days ago
· 14
· 5
· 4
· 2916
Key Facts
Key facts for 311 Spruce Street
Property Type
Other
Parking
Outside/Surface/Open 4 parking
MLS #
40490976
Size
2916 sqft
Basement
Walk-Up Access,Full,Finished
Listed on
-
Lot size
-
Tax
-
Days on Market
-
Year Built
-
Maintenance Fee
-
Description
Nearly $112,000 Projected Gross Annual Income Available Here! This triplexed building is located just a two minute walk to to Wilfrid Laurier University, a quick walk to the vibrant amenities of Uptown and an easy walk to University of Waterloo. This building comes to you with three City-appro...ved, rental licenses issued by City of Waterloo. Located on a street with properties that are predominantly owned by large multi-residential rental service providers, this is a rare opportunity for the private sector investor! Unit A has seen thousands of dollars in recent renos before going to market with some newer flooring and paint. Unit B still has opportunity to further increase annual rental income to market rents and increase revenue substantially on tenant departure (by about $10,000+ per annum). Unit C shows particularly well with large common area and eat in kitchen. All units have generously sized common areas, in suite laundry and spacious bedrooms with individual temperature control. Thoughtfully designed with a compelling unit mix of 3, 5, and 6 bedroom units. Ample parking. Note individual electrical meters! Opportunity on Units B and C to move electrical costs to tenant on re-rental. Roof done in 2022! This money maker will work well for: savvy investor looking for a foothold in lucrative Waterloo rental market, parent investor that seeks the ultimate location for their university bound child or even a university employee that wants to live close to work and generate mortgage helper income through the other units. Zoning may also provide future development opportunity when combined with adjacent properties. Rare opportunity that provides positive cash flow with 35% down - with more upswing still available. Investor work sheet available to show how this property can work for you! Let's book a viewing of 311 Spruce Street with me - or your favourite REALTOR - today!, Directions:Near Corner of Hickory Street and Spruce Street. One Block from Wilfrid Laurier University., Exclusions:Tenants' Possessions
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Listing courtesy of: Royal LePage Wolle Realty