311 Spruce Street , Waterloo ON N2L 3M6

Sale $1,499,800  | 
Listing # 40520066
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Mike Milovick

Team Milovick

Phone:  519.747.2040
Fax:  519.747.2081

Royal LePage Wolle Realty, Brokerage (Independently owned and operated)

Brokerage

7 - 180 NORTHFIELD DR WEST
WATERLOO,  ON N2L 0C7

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

Investment

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