296 Somerset St E, Ottawa, K1N 6W1

Listing Overview

Description

Easy to rent at premium prices this Sandy Hill 5 unit building at 296 Somerset St. E built in 2021 gives investors years of minimal maintenance expenditures. It's comprised of 4 residential apartments; each with 4 bedrooms. The 5th unit is Safi Fine Food retail & cafe. Each unit has its own hi-efficiency furnace, AC, hydro meter and in-unit laundry. The building is 3 stories plus finished basement. According to attached floor plans unit sizes are Apt #1 848 sq. ft. (basement) Apt. #2 690 sq. ft. (2nd floor) Apt. #3 844 sq. ft. (2nd/3rd floor) Apt. #4 690 Sq. ft. (3rd floor) Leased retail business is 952 sq. ft. Exterior is primarily brick & Hardie Board siding, roof is membrane. Owner pays water & WIFI. Tenants pay heat & hydro except #3, which will be rectified at end of lease. Gross income $235,498. Expenses $44,466. Net income $191,109. Hot water is an owned tankless system. Showings Mon, Wed, and Fri, and Sat 11 am to 4 pm. The building is four blocks from the University of Ottawa so there's always a massive tenant pool. Public bus transit right on Somerset St. and the Light Rapid Train system has its own stop right at U-Ottawa! A few blocks to Minto Sports complex, Sandy Hill arena, and all necessary shops and services on Rideau St. This is an investor's dream property, now being offered for the first time. Fenced back yard for tenants' enjoyment.

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On Market

Investment

Property Type

$24,939 / Year

Est. Taxes

Apartment

Style

Apts-2 To 5 Units

Business Type

N

Franchise