354 Spruce Street, London, Ontario

About 354 Spruce Street

Situated on a beautiful quiet treed street, sits this newly renovated historic charmer multi-unit property offering three total rental units. The second story addition of a new upper legal unit was just completed with building permit in 2023. This is the perfect owner occupy mortgage helper, multi-generational home or turnkey investment property (around $62,000 of annual rent income possible). Presently the main level three bedroom unit is rented at $2074 a month plus utilities; and $1529 a month for the garden suite inclusive of utilities. Currently the upper spacious studio unit is vacant making this a perfect mortage helper property for the owner to reside in one unit and collect rental income from the other two units. Rented this unit upper unit is expected to rent for $1549 plus utilities. 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 furnace in 2024 for the main duplex property, new plumbing and electrical throughout, energy efficient windows, brand new kitchens (with gas stoves), brand new redone bathrooms with luxury tile, and stainless steel appliances. With increased possibilities with residential properties being allowed up to a total of four residential units in the City of London, it is possible that with the large lot sixe and dpeth of over 250 feet on the lot; the future potential to add a fourth ADU (additional dwelling unit) on the property could be possible. This is not one to miss, such a unique property with all these features rarely comes on the market. (id:36535)

Listing Map