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!
Address
354 Spruce Street
List Price
$664,499
Property Type
Residential Freehold
Type of Dwelling
Triplex
Style of Home
2-Storey
Area
London East
Sub-Area
East H
County
Middlesex
Bedrooms
3
Bathrooms
3
Floor Area
1100 - 1500 Sq. Ft.
Lot Size Source
GeoWarehouse
Lot Depth
233
Lot Shape
Rectangular
Lot Size Range (Acres)
< .50
Lot Size Units
Feet
Lot Width
40
Approx. Age
100+ Years
MLS® Number
X12105861
Listing Brokerage
EXP REALTY
Basement Area
Unfinished, Walk-Up
Postal Code
N5W 4N7
Parking
Front Yard Parking, Private
Parking Places (Total)
3
Tax Amount
$5,002.00
Tax Year
2025
Exterior Features
Deck, Patio, Porch, Year Round Living, Recreational Area
Interior Features
Accessory Apartment, In-Law Suite, Primary Bedroom - Main Floor, Upgraded Insulation, Separate Heating Controls, Ventilation System
Property Features
Public Transit, Rec./Commun.Centre, Fenced Yard, Park, School, School Bus Route
Heat Source
Gas
Heat Type
Forced Air
Cooling Features
None
Construction Materials
Vinyl Siding
Direction Faces
East
Foundation Details
Concrete Block, Slab
Garage Type
None
Kitchens Total
3
Other Structures
Fence - Full, Aux Residences, Other
Pool Features
None
Roof
Asphalt Shingle
Security Features
Carbon Monoxide Detectors, Smoke Detector
View Type
City
Sewer
Sewer
