Property Overview
A Rare Turnkey Income Property
This is the kind of property that rarely comes to market in this condition. Three fully tenanted units, not a single day of vacancy across the building's entire rental history, and a long list of capital work that means a buyer inherits a solid asset rather than a project. Located in the Vanier / Beechwood Village corridor, steps from vibrant Beechwood Avenue, the Ottawa River pathways, and Rockcliffe Park.
The building has been extensively upgraded since 2014, with over $290,000 in confirmed capital investment since 2010. A new high-efficiency furnace was installed in 2025, 90% of the main cast iron pipes were replaced with PVC in 2026, and the foundation has been fully waterproofed. This is a property where the heavy lifting has already been done.
The zoning is N4B[1322] H(11), which permits low-rise multi-unit development up to three storeys. A patient investor acquires strong cash flow today and meaningful land upside as the neighbourhood continues to evolve. The building across the street recently sold for $800,000 as a pure land play.
Income
Current Rent Roll
| Unit | Monthly | Annual | Status | Notes |
|---|---|---|---|---|
| Unit 1 Basement |
$1,725.00 | $20,700.00 | Month-to-month |
Below market rent.
Upside to $1,950 on turnover
|
| Unit 2 | $1,444.20 | $17,330.40 | Month-to-month |
Long-term tenant since 2019.
Upside to $2,000 on turnover
|
| Unit 3 | $1,517.50 | $18,210.00 | Month-to-month |
Tenant since 2023. Manages gardens and lawn.
Upside to $2,000 on turnover
|
| Laundry | $75.00 | $900.00 | Coin-op | Shared laundry income. |
| Total | $4,761.70 | $57,140.40 | Zero vacancy — ever. | |
All three units are below market rent. Rents are protected under Ontario's Residential Tenancies Act. Upside is achievable upon voluntary tenant turnover.
Capital Improvements
The Heavy Lifting is Done
Over $93,000 in documented receipted improvements, with total investment estimated by the seller at $300,000+. Major items completed since 2014:
Building Structure and Envelope
- New roof (2010)
- New windows throughout (2010)
- Building refaced with Permacon and CanExcel cladding (2015) — $8,136
- New concrete front stairs and exterior door (2015)
- Roof inspection and flashing repaired (2023) — $226
Foundation and Waterproofing
- Backyard drainage system and dry well — BAM Paving (2014) — $6,441
- WaterGuard sump system and French drain — Foundation Guys (2019) — $6,654
- Dedicated electrical circuit for sump pump (2019) — $480
- Foundation repairs east side — Seven Building Services (2020) — $14,362
- Interlock driveway, patio, staircase refacing — Tilling's (2020) — $23,137
Mechanical and Plumbing
- 3 water tanks replaced (2016) — $1,818
- New high-efficiency furnace — CIG Heating (2025) — $10,170
- 90% of main cast iron pipes replaced with PVC — Environmental Plumbing (2026) — $15,032
- All hot water tanks owned (not rented)
Exterior and Unit Upgrades
- Shed roofing redone, storage lockers built, dedicated electrical panel installed (2017)
- Interlock backyard and parking fully redone (2024)
- Skedaddle pest control lifetime guarantee — bats and wasps (2024) — $1,765
- New vinyl plank flooring, Unit 1 (2026)
- New dishwashers (2018 / 2024), new fridges (2019 / 2023)
- Open-concept kitchen renovations, Units 2 and 3 (2010)
- All units fully repainted upon each new tenancy
Investment Analysis
Pro Forma at Market Rents
All three units are currently below market rent. Here is what the property earns today versus what it will earn once units reach market rates upon turnover.
| Metric | Current (As-Is) | Stabilized Market Rents | Upside |
|---|---|---|---|
| Gross Annual Income | $57,140 | $72,300 | + $15,160/yr |
| Net Operating Income | $38,073 | $52,778 | + $14,705/yr |
| Value at 5.0% Cap Rate | $761,000 | $1,055,569 | + $294,569 |
| Value at 4.5% Cap Rate | $846,000 | $1,172,844 | + $326,844 |
Market rents estimated at $1,950/month for Unit 1 and $2,000/month for Units 2 and 3. Current rents are protected under Ontario's Residential Tenancies Act. Market rents are achievable upon voluntary tenant turnover. This is not a formal appraisal — all figures are estimates for discussion purposes.
