311 Spruce St
Waterloo, N2L 3M6
FOR SALE
$1,499,800
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9 + 9
BEDROOMS5
BATHROOMS3 + 3
KITCHENS9 + 9
ROOMSX8217244
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Property Description
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 (5 beds) has undergone recent renovations, featuring updated flooring and fresh paint. Unit B (6 beds) offers significant potential for increased annual rental income upon tenant departure. Unit C (3 beds) 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 large 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!
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Listing History
List Date | End Date | Days Listed | List Price | Sold Price | Status |
---|---|---|---|---|---|
2023-10-23 | 2024-01-25 | 120 | $1,499,800 | - | Expired |
2023-06-05 | 2023-09-24 | 123 | $1,580,000 | - | Expired |
2023-04-13 | 2023-04-13 | 0 | $1,750,000 | - | Terminated |
Nearby Intersections
King & University (105)
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Property Details
Street
City
Property Type
Triplex, 2-Storey
Approximate Sq.Ft.
2500-3000
Lot Size
56' x 125'
Acreage
< .50
Fronting
West
Taxes
$11,247 (2023)
Basement
Finished, Walk-Up
Exterior
Brick, Vinyl Siding
Heat Type
Baseboard
Heat Source
Electric
Air Conditioning
None
Water
Municipal
Driveway
Available
Garage Type
None
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Room Summary
Room | Level | Size | Features |
---|---|---|---|
Bathroom | Main | 6.69' x 5.15' | 4 Pc Bath |
Kitchen | Main | 6.63' x 13.55' | |
Bathroom | Bsmt | 6.89' x 6.10' | |
Bathroom | Main | 7.15' x 11.52' | 4 Pc Bath |
Kitchen | Main | 16.31' x 11.58' | |
Bathroom | Bsmt | 8.56' x 7.58' | 3 Pc Bath |
Bathroom | 2nd | 7.32' x 11.68' | 4 Pc Bath |
Kitchen | 2nd | 13.78' x 11.75' |
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Listing contracted with Royal Lepage Wolle Realty
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