354 Spruce Street new Save Request In-Person Tour Request Virtual Tour
London,ON N5W 4N7
Key Details
Property Type Multi-Family
Sub Type Multi-3 Unit
Listing Status Active
Purchase Type For Sale
Square Footage 1,390 sqft
Price per Sqft $478
MLS Listing ID 40721396
Bedrooms 3
Abv Grd Liv Area 1,390
Originating Board Waterloo Region
Year Built 1910
Annual Tax Amount $5,002
Property Sub-Type Multi-3 Unit
Property Description
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!
Location
Province ON
County Middlesex
Area East
Zoning R2-3
Direction Take Dundas Street East or West to Spruce Street; Head South on Spruce Street; Property on East Side of Spruce Street
Rooms
Other Rooms Other
Basement Walk-Up Access,Full,Unfinished
Kitchen 0
Interior
Interior Features Accessory Apartment
Heating Baseboard,Electric,Forced Air,Natural Gas
Cooling None
Fireplace No
Appliance Instant Hot Water,Dryer,Refrigerator,Stove,Washer
Laundry In-Suite
Exterior
Exterior Feature Balcony,Landscape Lighting,Lighting,Private Entrance,Year Round Living
Parking Features Gravel
Fence Full
Waterfront Description Access to Water
Roof Type Asphalt Shing
Street Surface Paved
Porch Deck,Patio
Lot Frontage 40.0
Lot Depth 233.0
Garage No
Building
Lot Description Rectangular,Airport,Ample Parking,Business Centre,Dog Park,City Lot,Hospital,Library,Open Spaces,Park,Place of Worship,Playground Nearby,Public Transit,Rec./Community Centre,Regional Mall,School Bus Route,Schools,Shopping Nearby,Trails
Faces Take Dundas Street East or West to Spruce Street; Head South on Spruce Street; Property on East Side of Spruce Street
Story 2
Foundation Concrete Block,Slab
Sewer Sewer (Municipal)
Water Municipal
Structure Type Block,Vinyl Siding
New Construction No
Schools
Elementary Schools Prince Charles Public School; St.Pius X Catholic Elementary School; London Christian Elementary School
High Schools Clarke Road Secondary School; Catholic Central High School
Others
Senior Community No
Tax ID 081120194
Ownership Freehold/None
Virtual Tour https://view.ricoh360.com/d108407f-f9ef-4da7-9f99-c4942f28aa77