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Nearly $112,000 Annual Gross Income Available Here!

$1,499,800

For Sale: in

Nearly $112,000 Annual Gross Income Available Here!

Mike Milovick

Realtor

Listing Details

Subtype: Triplex

Zoning: (H) RN-12

Parking spaces: 5

Floors: 2

Beds: 14

Baths: 5

Financial Details

Net operating income: $76,262

Percent leased: 100%

Cap rate: 5.06%

Description

Nearly $112,000 Gross Annual Income Available Here - with more upswing available! This triplexed building is located just a two minute walk to to Wilfrid Laurier University, a quick walk to the vibrant amenities of Uptown and an easy walk to University of Waterloo. This building comes to you with three City-approved, rental licenses issued by City of Waterloo. Located on a street with properties that are predominantly owned by large multi-residential rental service providers, this is a rare opportunity for the private sector investor! Unit A has seen thousands of dollars in renos before going to market with some newer flooring and paint. Unit B tenants have been in place for a couple of years. There is an opportunity to go to market rents and increase revenue substantially on tenant departure in this unit. All units have generously sized common areas and spacious bedrooms with individual temperature control. Thoughtfully designed with a compelling unit mix of 3, 5, and 6 bedroom units. Ample parking. Note individual electrical meters! Opportunity on Units B and C to move electrical costs to tenant on re-rental. Roof done in 2022! This money maker will work well for: savvy investor looking for a foothold in lucrative Waterloo rental market, parent investor that seeks the ultimate location for their university bound child or even a university employee that wants to live close to work and generate mortgage helper income through the other units. Zoning may also provide future development opportunity when combined with adjacent properties. Let's book a viewing of 311 Spruce Street - today!

Location & nearby

This listing is located in Waterloo, ON N2L 3M6

311 Spruce Street, Waterloo, ON, Canada

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Mike Milovick

Realtor

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