122-124 Cobourg Street Ottawa, Ontario K1N 8H1

$4,500,000

122-124 Cobourg is a rare chance to acquire two neighboring, income-producing multi-family buildings(one title) in Ottawa's historic Lowertown, minutes from the ByWard Market, Rideau Centre, the University of Ottawa, and major government employment hubs. Each property contains seven residential units (14 total), giving investors immediate scale in a tight, highly walkable rental market. Most suites are in excellent condition, with only a few needing light cosmetic upgrades, creating straightforward upside through selective renovations and modest rent increases rather than disruptive construction. The buildings sit on a quiet residential block with high walkability, strong transit, and quick access to cycling routes and downtown bridges. Residents can walk to buses, shops, parks, schools, and nightlife, making the property ideal for students, young professionals, and public-sector workers who value an urban, car-optional lifestyle. Lowertown benefits from ongoing reinvestment and steady gentrification, supporting long-term rent growth and low vacancy while positioning this asset to outperform more peripheral locations. Operationally, this is a stabilized, low-maintenance acquisition. Roofs, windows, and major exterior items have been renewed within roughly the last decade, sharply reducing near-term capital expenditures. Electrical systems have been modernized, utilities are separated to each unit, and efficient electric heat pumps added, simplifying expense recovery and appealing to tenants seeking comfortable, modern housing. With the heavy lifting complete, investors can focus on fine-tuning operations and turning a few under-market units to unlock additional income. An assumable CMHC-insured mortgage is in place, allowing buyers to step into attractive financing that may be difficult to replicate today, boosting cash flow and reducing interest-rate risk. Property is held in a stand alone corp and can be purchased to save on acquisition costs. (id:56248)

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https://www.realtor.ca/real-estate/29435336/122-124-cobourg-street-ottawa-4002-lower-town