$1,579,000
514 BAY STREET
Beds
10
Baths
6
Sqft
—
Year
—
Type
Multi-family
Suite
Investment signal
Location nearby
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Ottawa. 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 514 & 516 Bay Street, an excellent opportunity to own a well-maintained 5+1-unit building in the heart of Centretown, offering a solid 6.4% cap rate and positive cash flow. This property combines stable income with immediate rental upside. Located on the corner of Bay and Gladstone, the building sits in a desirable residential pocket surrounded by established single-family homes and multi-unit properties. Just steps to downtown offices, shops, restaurants, and public transit, this prime location continues to attract consistent tenant demand. The property features four 2-bedroom units and two 1-bedroom units, providing a strong rental mix. One unit is currently vacant, offering the new owner the opportunity to set rent at today's market rate. There is a shared driveway with parking for three vehicles, adding further tenant appeal. Major updates were completed in 2022, including new subfloors, flooring, upgraded kitchens and bathrooms, lighting, insulation, and new appliances in three units. The roof was replaced in 2023, helping reduce near-term capital expenses. For owner-occupiers, the vacant unit also presents the option to move in while the remaining units generate income to significantly offset or potentially cover your mortgage. (id:65958)
- Subtype
- Multi-family
- Structure
- Other
- Community
- 4103 - Ottawa Centre
- Lot dimensions
- 37 x 99 FT
- Bedrooms
- 10 above grade
- Parking
- 3 total
- Stories
- 3
- On market
- Mar 27, 2026
- Status changed
- Apr 24, 2026
- Annual tax
- $11,436 (2025)
- Zoning
- R4S[478]
- Photos
- 31
- MLS#
- X12927004
- Area
- OTTAWA
Features and systems
Parking
Basement
Heating
Cooling
Exterior
Foundation
Lot
Cash on cash
-6.36%
Cap rate
3.59%
GRM
16.7
Break-even rent
$9,661
Financing
Operating expenses (monthly)
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
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 24, 2026.