Location
Centrally located in Ottawa, Ontario. Walking distance to many amenities, specialty and large grocery stores, restaurants, and much more making apartments in this building highly desirable.
Details
Discover the perfect blend of location, desirability, and investment opportunity in this centrally located legal 5-plex. This highly sought-after smoke-free rental building boasts five remodeled one-bedroom apartments, making it an ideal investment opportunity. Meticulously maintained by dedicated owners for over 12 years, this building ensures a hassle-free ownership experience. Each unit is currently occupied by terrific tenants, offering immediate rental income.
Unlocking the full potential of this property is within your reach, as two units are currently priced below market value, presenting an excellent upside opportunity. Renovations have been thoughtfully completed throughout the building, including the kitchens, bathrooms, flooring, appliances, window replacements, and even a roof replacement. Separate entrances and hydro meters. Additional amenities include a common laundry area and 5 storage lockers conveniently located in the lower level. A double lane driveway provides ample parking spaces. Radiant heating, powered by a hot water boiler, ensures efficient heating throughout the building.
With its manageable size and well-maintained condition, this building offers simplicity and peace of mind for landlords. Don't miss your chance to make this fantastic investment yours.
- Parcel area: 384.25 m² (4135.99 ft²)
- Front 17.40 m (57.08 ft)
- Depth 22.09 m (72.47 ft)
- Legal Description: PLAN 337 LOT 30 PT LOT 31;
- Five, 1-bedroom, 1-bathroom individual apartments
- Listing price: $1,070,000
- Rental income: $68,820
- Total operating expenses: $15,188
- Net operating income: $53,632
- Cap Rate: 5%
- Taxes: $5,537
- Hydro: $705
- Gas and HWT rentals: $3,901
- Water: $2,642
- Insurance: $2,403
Features
This property has been extremely well maintained over the years. Many updates have been made including completely renovating most apartments. The following lists several of the key features of the building.
- Updated windows
- Recently replaced roof
- Renovated apartments
- Several new appliances
- Separate utility and storage rooms in basement
- Plenty of parking on side
- Potential garage/shed/other development in rear
- Terrific existing tenants
- Non-smoking building
- Highly desirable 1-bedroom apartments
- Shared laundry machines in basement
- Six individual hydro meters - tenants pay their own hydro usage
- Five individual storage lockers in the basement
- 5 stoves and fridges
- 2 dishwashers
- 1 washer and dryer
- 2 gas hot water tanks (rentals)
- 1 gas hot water boiler for radiant heating
Floorplans
The following floorplans illustrate the layout of the apartments and are not exactly to scale.
Apartment 1
Lower level
Apartment 2
Second level
Apartment 3
Third level
Apartment 4
Third level
Apartment 5
Second level
Apartment 1
This large apartment is located in the front on the lower level. Note - Some rooms may have been painted and/or updated since these photos were taken.
Apartment 2
Located in the front of the building on the second level.
Apartment 3
Located on the third level facing the east side of the building.
Apartment 4
Located on the third level facing the west side of the building.
Apartment 5
Located on the second level facing the east side of the building.
Other
The electrical utility room, laundry and locker room, and the back storage and mechanical room.
Contact
For inquiries, more information or to discuss an offer, please reach out to mike@dasilvarealtygroup.com