$1,579,000
16.95 BTC
Photos
Map
514 Bay Street, Ottawa Centre
$1,579,000
PRICE
10
BEDROOMS
6
BATHROOMS
X12927004
MLSID

514 Bay Street, Ottawa Centre

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.
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Summary

Address
514 Bay Street
MLSID
X12927004
Property Type
Multiplex
Property Category
Bedrooms
10
Bathrooms
6
Kitchens
6
Zoning
R4S[478]
Taxes (Annual)
$11,436.00
Tax Year
2025
Published
March 26, 2026
Days on Market
59 Days
Possession Type
30-59 Days
Possession Details
Flexible
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Details

Basement
Unfinished
Interior Features
Carpet Free
Parking Spaces
3
Parking Total
3
Parking Features
Private
Architectural Style
3-Storey
Roof
Tar And Gravel
Construction Materials
Brick
Lot Width
37 Feet
Lot Depth
99 Feet
Water
Municipal
Heat Source
Electric
Heat Type
Baseboard
New Construction
No
Occupant Type
Owner+Tenant
Private Entrance
No
Sauna
No
Seasonal Property
No
Hot Tub / Spa
No
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