Two Legal Rentals on a Big Lot, Minutes from Both Universities

Property details for 217 Mayfield Avenue, Waterloo

Type: Multi-family
Style: Bungalow
Bedrooms: 5
Bathrooms: 2
Lot Size: 60.1 x 120.7 FT
Stories: 1
Basement: Apartment in basement, N/A
Parking: Detached Garage, Garage
Heating: Forced air, Natural gas
Cooling: Central air conditioning
Exterior: Brick
Annual Taxes: $4,466 (2026)

This one's a rare find. You're not just buying a house; two legal, separately rented homes sit under one roof, plus a lot with serious upside. The main floor is a 3-bed, 1-bath unit with its own kitchen, eating area, and a deck walkout. The basement is a full second home with 2 bedrooms, a separate office, its own kitchen, bath, laundry, and private entrance. Both households live independently. Solid brick exterior on poured concrete, with newer shingles (2016). There's a detached garage and driveway space for four more cars. The real kicker is the land, over 60 feet of frontage and nearly 7,500 square feet. It's zoned residential, but Waterloo's rules changed in December 2024, and you'll get a full concept package for a multi-unit building here, site plan included. Location's a winner too. A 4-minute walk to the bus at Lincoln and Mayfield, minutes to Wilfrid Laurier and Waterloo Collegiate. Roselea Park is on the same street, and Bluevale Collegiate is 1 km away. Tax bill runs around $4,466 a year. There's a water softener and sump pump in place. This is a solid income property with hands-on potential. You collect rent now, and maybe build later. Ask for the full details on those rental incomes and the concept plans.

About 217 Mayfield Avenue, Waterloo — Property Score

Prime Location

Score: 70/100

Value

Priced 15% below area median of $999,900 based on 99 comparable properties nearby 93

Stable pricing - no price changes since original listing date 50

Size

5 bedrooms - 1 more than similarly priced 4-bedroom homes nearby 72

2 bathrooms - 1 fewer than similarly priced properties nearby 48

7,254 sqft lot - a generous lot for the area 78

Location

$73K median household income - near the Canadian average of $70K 67

89% of residents hold postsecondary credentials - a highly educated neighbourhood 96

81% homeownership rate - indicating a stable, owner-occupied community 87

80% of residents commute under 30 minutes - excellent commuter accessibility 94

2,796/km² population density - a well-balanced suburban area 98

Market

Just listed - area average is 29 days on market 100

-1.6% median price change over 1 month - stable pricing in the area 42

58.8 months of housing supply - 235 active listings with 4 sold last month (buyer's market) 40

Features

5-car garage - more than the area average of 4.5 spots 95

Apartment in basement, N/A basement - potential for additional finished space 70

efficient gas forced air heating 80

Central air conditioning - whole-home cooling 90

View - premium features that add significant value 60

Investment

0.53% effective tax rate ($4,466/yr) - very low tax burden 84

22% renter population - primarily owner-occupied area 56

Quality

Condition

Listing

35 photos provided - below the area average of 39 photos 92

6 of 7 key property details provided (86%) - comprehensive listing with excellent detail 86

* This property score is an approximate estimate based on publicly available data, nearby comparable listings, and automated analysis. Scores are for informational purposes only and should not be relied upon as professional appraisals or investment advice. Actual property values may vary. We recommend consulting a licensed real estate professional for accurate assessments.