354 Spruce Street, London East (East H) ON

About 354 Spruce Street

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:56071). Get more information on 354 Spruce Street

Property Features

Appliances:  Water meter, Dryer, Range, Stove, Two Washers, Refrigerator
Features:  Flat site, In-Law Suite
Rental Equipment:  
Directions:  Dundas Street / Wavell Street
Zoning Description:  R2-3
Interior Size:  1100 - 1500 sqft
Fence:  Fully Fenced, Fenced yard
View:  City view
Community Features:  Community Centre, School Bus
Amenities:  Separate Heating Controls
Lot:  40 x 233 FT|under 1/2 acre 40 x 233 FT
Exterior Finish:  Vinyl siding
Water:  Municipal water, Sanitary sewer
Heating / Cooling:   Natural gas / Ventilation system
Age: 100+ years
Foundation: Block, Slab
Basement:  N/A (Unfinished) Unfinished

Rooms & Sizes

Bathroom Second level 1.75 m x 2.03 m	Bedroom Second level 3.25 m x 8.84 m	Kitchen Second level 3.05 m x 4.32 m
Utility room Basement 4.7 m x 5.41 m	Foyer Main level 1.47 m x 2.82 m	Bedroom Main level 4.01 m x 2.9 m
Living room Main level 2.9 m x 4.27 m	Bedroom 2 Main level 2.69 m x 3 m	Bedroom 3 Main level 2.74 m x 2.92 m
Study Main level 1.37 m x 1.07 m	Bathroom Main level 2.59 m x 1.63 m	Kitchen Main level 5.13 m x 3 m
Kitchen Ground level 4.37 m x 2.54 m	Living room Ground level 2.67 m x 2.24 m	Bathroom Ground level 1.6 m x 2.24 m