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:25961)
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Rooms
| Level | Type | Dimensions |
|---|
Details
- Equipment: Water Heater
- Features: Carpet Free
- Parking Spaces: 3
- Rental Equipment: Water Heater
- Transaction: For sale
- Zoning Description: R4S[478]
Building
- BasementType: N/A (Unfinished)
- Basement Development: Unfinished
- Bedrooms Main Level: 10
- Cooling: None
- Exterior Finish: Brick
- Fireplace Present: False
- Foundation: Concrete
- Bathrooms (Total): 6
- Heating: Baseboard heaters
- Heating Fuel: Electric
- Size Interior: 3500 - 5000 sqft
- Stories Total: 3
- Type: Other
- Utility Water: Municipal water
Land
- Sewer: Sanitary sewer
- Size Frontage: 37 ft
- Size Irregular: 37 x 99 FT
Listing provided by RE/MAX HALLMARK REALTY GROUP
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This REALTOR.ca listing content is owned and licensed by REALTOR® members of the Canadian Real Estate Association. This property for sale is located at 514 BAY STREET in Ottawa Ontario. It was last modified on March 26th, 2026. Contact Biju George to schedule a viewing or to discover other Ottawa real estate for sale.