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! (id:47153)
| MLS® Number | 1374601 |
| Property Type | Multi-family |
| Neigbourhood | Glebe |
| Amenities Near By | Public Transit, Recreation Nearby, Shopping |
| Features | Balcony |
| Parking Space Total | 4 |
| Storage Type | Storage Shed |
| Structure | Deck, Patio(s), Porch |
| Amenities | Furnished |
| Appliances | Blinds |
| Basement Development | Finished |
| Basement Type | Full (finished) |
| Constructed Date | 1922 |
| Construction Material | Wood Frame |
| Construction Style Attachment | Attached |
| Cooling Type | Central Air Conditioning, Air Exchanger |
| Exterior Finish | Brick, Vinyl |
| Flooring Type | Laminate, Tile, Other |
| Foundation Type | Block, Poured Concrete |
| Heating Fuel | Natural Gas |
| Heating Type | Forced Air, Other |
| Stories Total | 3 |
| Type | Triplex |
| Utility Water | Municipal Water |
| Surfaced |
| Acreage | No |
| Land Amenities | Public Transit, Recreation Nearby, Shopping |
| Sewer | Municipal Sewage System |
| Size Depth | 99 Ft |
| Size Frontage | 40 Ft |
| Size Irregular | 40 Ft X 99 Ft |
| Size Total Text | 40 Ft X 99 Ft |
| Zoning Description | Commercial/mixed Use |
https://www.realtor.ca/real-estate/26567605/276-powell-avenue-ottawa-glebe
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