514 BAY STREET, Ottawa, Ontario, K1R6B3
MLS: X12927004 | Other
$1,579,000
Property Description
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:64974)
Quick Facts
- Property Type: Other
- Bedrooms: 10 (10 above)
- Bathrooms: 6
- Parking: 3.0 spaces (No Garage)
- Frontage: 37 ft (11.3 m)
Costs
- Annual Taxes: $11,436.00 (2025)
Listing Provided by: RE/MAX HALLMARK REALTY GROUP
Board: Ottawa Real Estate Board
Data provided via CREA DDF®.
Detailed Features
Interior & Systems
- Heating: Baseboard heaters, Forced air, Not known, Not known, Electric, Natural gas
- Cooling: None
- Basement: Unfinished, N/A
Exterior & Construction
- Exterior: Brick
- Foundation: Concrete
- Sewer: Sanitary sewer
- Water: Municipal water
Lot & Land
- Frontage: 37 ft (11.3 m)
- Features: Carpet Free
- Zoning: R4S[478]
Community & Neighbourhood
- Neighbourhood: 4103 - Ottawa Centre
Listing Information
Listing History
MLS listing activity for 514 BAY STREET, Ottawa, Ontario, K1R6B3 — dates reflect when changes were recorded in the DDF
🚗 Travel times
Neighborhood Walkability
Mortgage & Cost Calculators
Nearby Homes ?Nearby Homes — Search CriteriaSearch Radius1 kmPrice Range±5%Match BedroomsYesMatch BathroomsYes
1 - 516 BAY STREET, Ottawa
Other$1,800/mo
Listing Courtesy of RE/MAX HALLMARK REALTY GROUP
3 - 570 GLADSTONE AVENUE, Ottawa
Fourplex$2,095/mo
Listing Courtesy of RE/MAX HALLMARK REALTY GROUP
3 - 491 MCLEOD STREET, Ottawa
Triplex$1,750/mo
Listing Courtesy of ENGEL & VOLKERS OTTAWA
303 - 506 GLADSTONE AVENUE, Ottawa
Other$1,825/mo
Listing Courtesy of ROYAL LEPAGE TEAM REALTY
100 - 506 GLADSTONE AVENUE, Ottawa
Other$2,150/mo
Listing Courtesy of ROYAL LEPAGE TEAM REALTY
212 FLORA STREET, Ottawa
Triplex$1,495,000
$11,280/yr taxListing Courtesy of RE/MAX HALLMARK REALTY GROUP
176 ARLINGTON AVENUE, Ottawa
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$7,947/yr taxListing Courtesy of ENGEL & VOLKERS OTTAWA
302 - 157 JAMES STREET, Ottawa
Other$2,200/mo
Listing Courtesy of EXP REALTY
204 - 157 JAMES STREET, Ottawa
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Listing Courtesy of EXP REALTY
251 ARLINGTON AVENUE, Ottawa
Duplex$795,000
$8,290/yr taxListing Courtesy of ENGEL & VOLKERS OTTAWA
270 ARLINGTON AVENUE, Ottawa
Fourplex$1,448,000
$9,881/yr taxListing Courtesy of ONE PERCENT REALTY LTD.
395 MCLEOD STREET, Ottawa
Fourplex$899,900
$8,187/yr taxListing Courtesy of ROYAL LEPAGE TEAM REALTY
46 JAMES STREET, Ottawa
Other$1,074,900
$8,688/yr taxListing Courtesy of ROYAL LEPAGE TEAM REALTY
73 RENFREW AVENUE, Ottawa
Other$2,249,999
$14,136/yr taxListing Courtesy of ROYAL LEPAGE INTEGRITY REALTY
3 - 639 SOMERSET STREET W, Ottawa
Other$1,595/mo
Listing Courtesy of RIGHT AT HOME REALTY
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$5,087/yr taxListing Courtesy of RE/MAX Escarpment Realty Inc.
Similar Properties ?Active Comparables — Search CriteriaSearch Radius2 kmPrice Range±5%Match Home TypeYesMatch BedroomsYes
320 LAURIER AVENUE E, Ottawa
Triplex$1,550,000
$10,656/yr taxListing Courtesy of REMAX BOARDWALK REALTY
101 STRATHCONA AVENUE, Ottawa
Fourplex$1,630,000
$12,077/yr taxListing Courtesy of OTTAWA URBAN REALTY INC.
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514 BAY STREET, Ottawa, Ontario, K1R6B3