Situated on a beautiful quiet treed street, sits this newly renovated historic charmer multi-unit property. The second story addition of a new upper legal unit was just completed with building permit in 2023. Application is also submitted to fully legalize the garden suite unit and assurances can be provided by Seller to ensure this gets legalized for new Buyer. This is the perfect owner occupy mortgage helper, multi-generational home or turnkey investment property (over $66,000 in annual rent income currently).Top to bottom, nearly everything has been redone — from new luxury vinyl plank floors throughout, new roofs, a new on demand high efficiency hot water heater system, new plumbing and electrical throughout, energy efficient windows, brand new kitchens (with gas stoves), brand new redone bathrooms with luxury tile, stainless steel appliances, and a brand new heat pump / AC system to be installed prior to closing. This is not one to miss, such a unique property with all these features rarely comes on the market. Presently the main level three bedroom unit is rented at $2074 a month; the upper unit is rented at $1400 a month (effective as of March 15th, 2025) and the garden suite unit is rented at $1529 a month; with the tenants covering all the properties utilities, with only the manageble gas bill being the owner's responsibility presently. As a bonus a contract is in place to lease the space in the basement until end of 2025 brining in an additional $640 montly. This property is at an 8%+ Cap Rate at asking price! (id:4069)
Address
354 SPRUCE Street
List Price
$664,499
Property Type
Multi-family
Type of Dwelling
Triplex
Area
Ontario
Sub-Area
London
Bedrooms
3
Bathrooms
3
Floor Area
1,390 Sq. Ft.
Year Built
1910
MLS® Number
40721396
Listing Brokerage
EXP REALTY
Basement Area
Full (Unfinished)
Postal Code
N5W4N7
Zoning
R2-3
Site Influences
Airport, Hospital, Park, Place of Worship, Playground, Public Transit, Schools, Shopping
Features
Crushed stone driveway
