514 Bay Street, Ottawa Centre, ON K1R 6B3
Ottawa Centre, ON, K1R 6B3 · 4103 - Ottawa Centre
About this property
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.
Features & Amenities
- Basement: Unfinished
- Garage: None
- Cooling: None
- Heat Type: Baseboard
- Heat Source: Electric
- Style: 3-Storey
- Construction: Brick
- Sewer: Sewer
Property Details
| Property Type | Residential Freehold |
|---|---|
| Property Sub-Type | Multiplex |
| Architectural Style | 3-Storey |
| Bedrooms | 10 |
| Bathrooms | 6 |
| Basement | Unfinished |
| Garage | None |
| Parking Spaces | 3 |
| Heat Type | Baseboard |
| Heat Source | Electric |
| Cooling | None |
| Sewer | Sewer |
| Annual Tax | $11,436 |
| Tax Year | 2025 |
Interior Features
- Interior Features
- Carpet Free
Exterior Features
- Pool Features
- None
Building & Construction
- Architectural Style
- 3-Storey
- Construction Materials
- Brick
- Foundation Details
- Concrete
- Roof
- Tar and Gravel
- Basement
- Unfinished
Heating & Cooling
- Heat Type
- Baseboard
- Heat Source
- Electric
- Cooling
- None
Parking & Garage
- Garage Type
- None
- Parking Spaces
- 3
- Parking Total
- 3.00
- Parking Features
- Private
- Covered Spaces
- 0
Lot & Land
- Lot Size Units
- Feet
- Lot Depth
- 99.00
- Lot Width
- 37.00
Financial & Tax
- Tax Annual Amount
- $11,436
- Tax Year
- 2025
- Possession Type
- 30-59 days
- Possession Details
- Flexible
Utilities & Services
- Sewer
- Sewer
Room Details
- Rooms Above Grade
- 16
- Kitchens Above Grade
- 6
- Kitchens Total
- 6
- Bedrooms Above Grade
- 10
Additional Details
- Occupant Type
- Owner+Tenant
- Direction Faces
- West
- County Or Parish
- Ottawa
- Cross Street
- McLeod Street and Bay Street
- Directions
- From Bank Street go west on Gladstone Avenue, turn right (north) onto Bay Street - property is on the right (514 Bay St).
- Special Designation
- Unknown
- Showing Requirements
- Lockbox, Showing System
Location
514 Bay Street, Ottawa Centre, ON K1R 6B3, Ottawa Centre, ON, K1R 6B3