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311 Spruce Street Waterloo, Ontario N2L 3M6

14 Bedroom 5 Bathroom 2916
None Baseboard Heaters

$1,499,800

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. 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 explore 311 Spruce Street—schedule a viewing with me or your favourite REALTOR today! (id:56067)

Property Details

MLS® Number 40520066
Property Type Multi-family
Amenities Near By Park, Place Of Worship, Public Transit, Schools
Equipment Type Water Heater
Features Southern Exposure
Parking Space Total 4
Rental Equipment Type Water Heater

Building

Bathroom Total 5
Bedrooms Total 14
Basement Development Finished
Basement Type Full (finished)
Cooling Type None
Exterior Finish Brick, Vinyl Siding
Fire Protection Alarm System
Foundation Type Poured Concrete
Heating Fuel Electric
Heating Type Baseboard Heaters
Stories Total 2
Size Interior 2916
Type Triplex
Utility Water Municipal Water

Land

Acreage No
Land Amenities Park, Place Of Worship, Public Transit, Schools
Sewer Municipal Sewage System
Size Depth 125 Ft
Size Frontage 56 Ft
Size Irregular 0.16
Size Total 0.16 Ac|under 1/2 Acre
Size Total Text 0.16 Ac|under 1/2 Acre
Zoning Description (h) Rn-12

https://www.realtor.ca/real-estate/26347828/311-spruce-street-waterloo

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Mike Milovick
Broker

(519) 578-7300
(519) 742-9904
www.teammilovick.com/

Royal LePage Wolle Realty
71 Weber Street E., Unit B
Kitchener, Ontario N2H 1C6

(519) 578-7300
(519) 742-9904
https://wollerealty.com/

Jennifer Shingler
Salesperson

(519) 747-2040
(519) 747-2081
www.teammilovick.com/

Royal LePage Wolle Realty
180 Northfield Drive W., Unit 7a
Waterloo, Ontario N2L 0C7

(519) 747-2040
(519) 747-2081
www.wollerealty.com/

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