Beautiful 7-Unit Apartment Building Available in Downtown Ottawa (Minutes Away from the Canal)!! Available

  • $1,565,000
  • 7 baths

Location, location, location!! Nestled on the western edge of Sandy Hill, seconds away from the Cummings Bridge and Rideau River, this multiplex is surrounded by green spaces, bike paths, recreational areas and is only minutes to the thriving downtown/Bytown Market!! It is also ideally located for quick commuter access to government offices downtown, and the University of Ottawa campus, and surrounded by embassies. This beautiful turn-of-the-century building offers 5 large, 1 bedroom units, as well as 2 unregistered, basement bachelor units. All units are currently being rented (none of the units are student-occupied), with a potential to increase the rents after tenant turnover. Currently, the cap rate on purchase is 4.4% if self-managed, and 4.1% if using property management. The property offers plenty of parking, and comes with a full, 2-car (single-door) garage that is also being rented-out for storage. In addition, there is also a separate storage unit for the tenants, one of the numerous details which are likely to attract a higher-end clientele. The building has been well-maintained; the roof was redone in 2010, boiler system was updated in 2017, and the wiring has been updated to ensure that there is no knob-and-tube (Buyer to verify). All the units are fire separated up to Ontario Code, including the basement (Buyer to verify). Welcome to this impressive opportunity to own an income-generating property that checks all the boxes!!

We are selling our assignable purchase contract.
Closing is January 14th, 2022
**As per our APS, the Buyer agrees to assume the current tenants.**
PROPERTY FEATURES
Due to the University of Ottawa and the proximity to many embassies, furnished, midterm rentals could be an excellent way to increase NOI.

  • Multi-unit residential, with 7 or more self-contained units (as per MPAC)
  • 7 units
    • 5 are one bedroom, and 2 are bachelors
  • 7 full bathrooms
    • 1 full bathroom is located in each of the 7 units
  • Built in 1892
  • Any and all building equipment, including but not limited to: boiler, HWT(s), laundry equipment, any and all spare parts, appliances, furnishings, exterior maintenance items will be included
  • Coin laundry is located in the basement, and is accessible to all tenants through a separate entrance (all tenants have a key to this entrance, as per Seller)
    • Laundry income is ~$120/month (as per Seller Income Statement)
  • Each unit has it’s own 100 AMP breaker panel
  • Boiler system was replaced in 2017 and uses an on-demand water heater (as per Seller)
  • HWTs are owned (as per Seller)
  • No central AC (as per Seller)
  • Roof redone in 2010, with a 40-year warranty on the shingles (as per Seller)
  • Well-maintained, brick exterior
  • On city services 
  • Garage is currently being utilized as a storage unit and is rented to 2 separate people, and is being rented for $110/month, on a month-to-month basis (combined income of $220/month, as per Seller Income Statement)
  • Located to the left of the garage is the designated tenant storage unit:
    • 5/7 units currently have access to this area, and have keys to be able to lock up an items/valuables in their own designated areas (as per Seller)
      • We are unsure of which exact units have access and hold keys to this area (Buyer to verify)
  • 2 separate driveways:
    • One driveway has 3 designated parking spots
      • These 3 parking spots are reserved for units 1, 2, and 3. The cost for parking was negotiated into the rent of Unit 1, however both Unit 2 and 3 each pay an additional $100/month for parking, on top of their regular rent (as per Seller Income Statement)
    • The second driveway has a 2-car tandem parking
  • 6 separate hydro meters
    • Each of the 1 bedroom units have their own hydro meter, and the 6th meter is for the hydro of the 2 bachelor units, and the common areas (as per Seller)
  • 6 separate gas meters
    • There are 6 gas meters. 1 or 2 are paid for by landlord. This includes all the heat and at least some of the hot water (4 hot water tanks). There is also a gas fireplace in one of the units. The rest of the gas meter bills are paid for by tenants (Buyer to verify)
  • Lot size: 48.75 ft x 99 ft (as per MPAC)
  • Zoning: Unassigned, R4S (480)(as per MPAC)

UNIT BREAKDOWN
Unit 1:

  • Currently rented for $1075.60/month + utilities (hydro and gas)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access
  • Parking spot is included in the current rent (as per Seller)

Unit 2:

  • Currently rented for $1200/month + utilities (hydro and gas)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access
  • Parking spot is an additional $100/month, added to the rent listed above (as per Seller)

Unit 3:

  • Currently rented for $1019/month + utilities (hydro and gas)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access
  • Parking spot is an additional $100/month, added to the rent listed above (as per Seller)

Unit 4:

  • Currently rented for $1328.60/month + utilities (hydro and gas)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access

Unit 5:

  • Currently rented for $1300/month + utilities (hydro and gas)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access

Unit 6:

  • Currently rented for $848.26/month, all inclusive
    • This bachelor apartment is currently an unregistered unit (as per Seller)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access

Unit 7:

  • Currently rented for $800/month, all inclusive
    • This bachelor apartment is currently an unregistered unit (as per Seller)
  • 1 bedroom
  • 1 full bathroom
  • Laundry access

INCOME BREAKDOWN
(Buyer to verify all information)

  • Annual rental income: $97,330
  • Taxes: $10,967
  • Insurance: $5174
  • Hydro: ~$960
  • Gas: ~$2200
  • Water: $2147

PROPERTY NEEDS

  • Cosmetic updating

 

Please click HERE for more pictures and information.

Price:
$1,565,000
Address:
Rideau St & Charlotte St
Ottawa, ON
Lot Size:
48.75 ft x 99 ft
Bathrooms:
7
Terms:
Assignment of Contract
Property Type:
Multi-family
Year Built:
1892

Call (647) 400-2093 for more details

Property Location