354 Spruce Street, London ON N5W 4N7

Description

On a beautiful quiet treed street, sits this newly renovated historic charmer multi-unit property; a street over from the beautiful spacious Kiwanis park. The location is also good for transit access and proximity to all neccessary services. A perfect oppurtuny awaits a new homeowner for an ideal mortgage helper situation as the garden suite ADU unit that sits independent of the main structure duplex is set to be vacant for September 1st, 2025. 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 (over $71,000 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 $2399 a month (with new lease signed to existing tenants as of June 1st,2025); the upper unit is rented at $1400 a month (effective as of March 15th, 2025) and the garden suite unit is currently rented at $1529 a month, however will be vacant as of September 1st, 2025 through natural turnover from a tenant that loved their time in this location. 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 approxiamately an 8.5% Cap Rate at asking price!