New Edinburgh Purpose-Built Income Property

396 Mackay St, Ottawa, Ontario
• $1,695,000 • MLS® 1195738 • Beds: 10 • Bath: 6

A rare opportunity to own this New Edinburgh purpose-built Five Unit (+ 1) income property on Mackay Street, named after Thomas McKay, one of the builders of the Rideau Canal lock system. Never a vacancy in this prime location bordered by the Rideau River to the west, the Ottawa River to the north, and steps to Beechwood Village and the sprawling grounds of the Governor General’s official residence. This affluent neighbourhood is home to several embassies and consulates and an easy walk to Global Affairs Canada.

Four spacious two-bedroom units and two one-bedroom units. Some units have updated kitchens, tiles & refinished hardwood flooring. Windows and sills recently clad with zero maintenance aluminum. Inviting brick exterior with new flagstone steps and updated front door. Commercial-grade rubber flooring in entryway and hallways 2015. Main roof replaced in 2010. Two laneways provide great access to the parking area in the back. Shared laundry facilities in the basement.

Annual income of $78,000. Many rents are well below market value so lots of upside potential here. Annual expenses of $22,000 include property taxes, insurance, maintenance, and utilities. Utilities include furnace maintenance.

Building inspection done by Phill Bottriel in July 2020. Retrofit certificate from 2007.