164 Clarence Street

Nestled in the vibrant heart of downtown Ottawa, this remarkable Multi-Family Home for sale in Ottawa at 164 Clarence Street, Ottawa, offers an exceptional investment opportunity. With its prime location between Dalhousie and Cumberland streets, this three-storey multiplex boasts a solid brick and stucco exterior, making it not only visually appealing but also durable and low-maintenance.

This property features an impressive total of nine bedrooms across three well-appointed apartments, each of which is fully rented, ensuring a steady stream of income for the discerning buyer. The apartments, all above ground, are occupied by reliable tenants, creating a hassle-free investment. The rental income is as follows: Apartment 1 is rented at £2,248.00 plus hydro, Apartment 2 at £2,205.00 plus hydro, and Apartment 3 at £2,151.00 plus hydro. This brings the total yearly rental income for the three units to an impressive £79,248.00. Additionally, there are four parking spaces rented at £150 per month, adding another £7,200.00 to the gross income, resulting in a total of £86,448.00 before expenses.

The financials of this Multi-Family Home for sale in Ottawa are quite appealing. The total expenses amount to £22,332.00, which includes property taxes of £7,800.00, heating costs of £6,000.00, common hydro charges of £561.00, water expenses of £1,768.00, insurance at £5,100.00, and snow removal costs of £1,100.00. After deducting these expenses, the total net income stands at a robust £64,116.00, making this property an attractive proposition for investors looking to maximise their returns.

One of the standout features of this property is the presence of three kitchens, each equipped with essential appliances including fridges, stoves, washers, dryers, and dishwashers, ensuring that tenants have everything they need for comfortable living. However, it is worth noting that there are no additional kitchens or family rooms, which keeps the layout straightforward and efficient. The absence of a central vacuum system, fireplace, and air conditioning may be seen as drawbacks, but the property compensates with its spacious layout and practical amenities.

The full, unfinished basement offers potential for further development, whether for additional storage or future enhancements. The lot measures 26 by 100 feet, providing ample outdoor space, although there is no pool or garage associated with the property. However, the availability of a driveway and parking space for four vehicles is a significant advantage in this bustling area.

As you consider this Multi-Family Home for sale in Ottawa, it's important to remember that it is unfurnished, allowing new owners the flexibility to personalise the space according to their vision. The property is connected to municipal water and sewer systems, ensuring reliable services for both the tenants and the owners.

In conclusion, 164 Clarence Street, Ottawa, is not just a property; it’s an investment opportunity that promises both immediate returns and long-term potential. With its strategic location in the Lower Town/Byward Market community and its solid rental history, this Multi-Family Home for sale in Ottawa is sure to attract interest from savvy investors. Please note that all offers require a 24-hour notice, and showings must also be scheduled with a 24-hour notice. Don’t miss out on this chance to secure a valuable asset in one of Ottawa's most sought-after areas!

Lower Town/Byward Market is a vibrant and historic neighbourhood in Ottawa, renowned for its lively atmosphere and rich cultural heritage. Nestled just east of the city centre, this area boasts a delightful mix of cobblestone streets, charming boutiques, and a diverse array of eateries, making it a hub for both locals and visitors alike. The Byward Market itself is a bustling marketplace, offering fresh produce, artisanal goods, and a variety of dining options, while the surrounding residential streets feature a blend of heritage buildings and modern condominiums. With its close proximity to the Rideau Canal and numerous parks, Lower Town/Byward Market provides an ideal setting for those seeking a dynamic urban lifestyle infused with history and community spirit.

Schools in the Neighbourhood

This property is conveniently located near several educational institutions, catering to various needs for families. The closest option is York Street Public School, an elementary school offering grades JK to 6, just 0.6 km away, although it has a lower school rating of 1.7. For older elementary students, Glashan Public School is 2.3 km away, serving grades 7 and 8, but it currently has a rating of 0. A strong secondary option is Lisgar Collegiate Institute, located 1.1 km from the property, with an impressive rating of 8.8, covering grades 9 to 12. Additionally, Elgin Street Public School, 1.6 km away, offers French-language instruction for grades JK to 6 and boasts a solid rating of 7.7. Hopewell Avenue Public School, 4.1 km away, also provides French education for grades JK to 8, with a commendable rating of 8. For those interested in Catholic education, St. Brigid School is 2.0 km away for grades JK to 6, rated at 3.3, and Immaculata High School, 2.4 km away, serves grades 7 to 12 with a rating of 7.4. This diverse array of schools ensures quality educational options for families in the area.

Key Statistics of the Neighbourhood

The demographic profile of the area surrounding the property reveals a small population of 465 residents, characterized by an average household size of 1.5. The community has a median age of 41 years, with a significant portion of the population, 76.19%, identifying as single. The average household income stands at $63,600, although 32% of residents fall into the low-income bracket. The average property price in the area is approximately $560,000, with a high percentage of renters at 87.72%, indicating a strong rental market. Only 12.5% of households include children, and 5.26% of the housing stock consists of condominiums. The area is also notable for its diversity, with 33.33% of the population being immigrants. Educational attainment is high, with 72% of residents holding a college or university degree. However, a significant portion of the population, 36%, is not actively participating in the labor force. This demographic snapshot suggests a community that is predominantly single, educated, and diverse, with a strong inclination towards rental living and a modest average income.