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 and is currently undergoing renovations (paint and flooring). 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 get your hands on this Money Maker! (id:49269)
MLS® Number | 40580016 |
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 |
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 | 4304 |
Type | Triplex |
Utility Water | Municipal Water |
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/26821327/311-spruce-street-waterloo
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