For Sale

$1,499,800

311 Spruce Street, Waterloo, ON N2L 3M6

14 Beds

Remarks

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!

Inclusions:

Hot Water Tank Owned,Smoke Detector,Other

Exclusions:

Tenants Possessions

Property Summary

  • Lot Frontage: 55.59 Feet
  • Lot Depth: 125.2 Feet
  • No. of Parking Spaces: 4
  • Floor Space (approx): 2916 Square Feet
  • Bedrooms: 14
  • Zoning: (H) RN-12

Property Features:

  • Basement:
    Walk-Up Access , Full , Finished
  • Construction Materials:
    Vinyl Siding
  • Cooling:
    None
  • Heating:
    Baseboard , Electric
  • Interior Features:
    Separate Hydro Meters
  • Acres Range:
    < 0.5
  • Driveway Parking:
    Outside/Surface/Open
  • Laundry Features:
    In-Suite
  • Lot Features:
    Rectangular , Park , Place of Worship , Public Transit , Schools
  • Roof:
    Asphalt Shing
  • Security Features:
    Smoke Detector , Alarm System
  • Sewer:
    Sewer (Municipal)
  • Water Source:
    Municipal
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