6.1% cap rate with gross annual revenue over $200K and NOI of $115K - including property management and operating expenses. Rare opportunity to own one of the City's only Dedicated Short-Term Rental (STR) properties. This property is not subject to the City’s principal residence requirement for STR (Airbnb). Classified as a “legally non-conforming hotel” with a City of Ottawa Host Permit in place. The property is zoned TM (Commercial/Mixed Use). Excellent cash flow and growth potential with limited competition for short-term rental guests in the Glebe. The current use is grandfathered and can be continued by a new owner. This property was torn down to the studs and completely rebuilt as a legal triplex. Each unit has a completely independent heating system with separate forced-air furnaces and AC units for the 2-bdrm main floor and 3-bdrm upper unit. The 2-bdrm basement unit, with full-height ceiling, has in-floor, hydronic heating throughout. Summer STR revenue will be HOT! Act Now!
EXTRAS: Balcony
Virtual Tour: https://airbnb.ca/h/glebecabin
Last updated on : Wednesday 15th of May 2024 09:13:17 AM
Street : 276 POWELL AVENUE
City : Ottawa
Province : Ontario
Country : Canada
Postal Code : K1S2A5
Property ID : 1374601
Building Type : Triplex, Attached
Property Type : Multi-family
Parking : 4