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Investment signal

$294,000

229 Spruce Way

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Beds

Baths

Sqft

—

Year

—

Type

Recreational

Suite

Suite potential

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Location nearby

Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Fortune Cove. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.

About this home

Welcome to 229 Spruce Way in the highly sought-after cottage country of Fortune Cove/Cascumpec. Just minutes to Alberton and all amenities, and a short drive to Mill River Golf Course, this property offers the perfect blend of convenience and coastal living. This well-kept 2-bedroom, 1-bath home features a bright open-concept kitchen and living area with water views, ideal as a cottage or year-round residence. Located just a stone?s throw from the beautiful Mill River, you?ll love the peaceful surroundings. Enjoy the outdoors from the large back deck leading to a charming gazebo?perfect for relaxing or entertaining. The 16 x 20 insulated shop with overhead door and wood stove adds excellent versatility. With its prime location and strong appeal, this property also presents a great opportunity for seasonal or year-round rental income. A fantastic chance to enjoy?and invest in?the Island lifestyle. (id:65958)

Subtype: Recreational
Structure: Recreational
Community: Fortune Cove
Common interest: Freehold
Lot size: 0.4 acres
Lot dimensions: 0.4
Bedrooms: 2 above grade, 0 below grade
On market: Apr 27, 2026
Status changed: Apr 27, 2026
Photos: 41
MLS#: 202608679
Area: FORTUNE_COVE

Features and systems

Basement

None

Appliances

RefrigeratorGas stove(s)Range - ElectricRange

Heating

Baseboard heatersElectricWall Mounted Heat Pump

Exterior

Vinyl

Flooring

LaminateVinyl

Community

School Bus

View

River view

Positive cash flow ~$31/mo at these assumptions

Monthly rent (CAD)Adjust to your local market estimateDown payment (%)Investment props typically 20-25%Mortgage rate (% annual)Default 4.5% — adjust to your rate holdAmortization (years)

Cash on cash

0.63%

Cap rate

4.99%

GRM

12.9

Break-even rent

$1,867

Financing

Down payment$58,800

Loan amount$235,200

Mortgage$1,192/mo

Operating expenses (monthly)

Property tax(est. 0.55%/yr (AB avg))$135

Insurance$80

Maintenance$245

CapEx reserve$123

Vacancy loss$95

Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.

Mortgage estimate

Estimated $1,192/mo at 4.5% with 20% down, 30-yr amortization.Estimate only — actual payment varies by qualification + insurance.

Listing brokerage

Listing brokerage on file

Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 27, 2026.