Dan Bonany

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354 SPRUCE Street, London, Ontario

$664,499

3 Beds
3 Baths
1,390 Square Feet

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:23309)

Listing ID: 40721396
Property Type: Multi-family
Year Built: 1910

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Details

Amenities Nearby: Airport, Hospital, Park, Place of Worship, Playground, Public Transit, Schools, Shopping
Community Features: Community Centre, School Bus
Features: Crushed stone driveway
Ownership: Freehold
Parking Spaces: 3
Transaction: For sale
Zoning Description: R2-3

Building

BasementType: Full (Unfinished)
Basement Development: Unfinished
Constructed Date: 1910
Constructed Material: Concrete block, Concrete Walls
Cooling: None
Exterior Finish: Concrete, Vinyl siding
Fireplace Present: False
Foundation: Block
Bathrooms (Total): 3
Heating: Baseboard heaters, Forced air
Heating Fuel: Electric, Natural gas
Size Interior: 1390 sqft
Stories Total: 2
Type: Triplex
Utility Water: Municipal water

Land

Access Type: Road access
Amenities: Airport, Hospital, Park, Place of Worship, Playground, Public Transit, Schools, Shopping
Fence: Fence
Sewer: Municipal sewage system
Size Frontage: 40 ft

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This REALTOR.ca listing content is owned and licensed by REALTOR® members of the Canadian Real Estate Association. This property for sale is located at 354 SPRUCE Street in London Ontario. It was last modified on April 25th, 2025. Contact Dan Bonany to schedule a viewing or to discover other London real estate for sale.

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