122-124 Cobourg St 14 Unit Apartment Building $3,078,238 USD ($219,874 USD/Unit) 4.94% Cap Rate Ottawa, ON K1N 8H1

122–124 Cobourg Street presents a rare opportunity to acquire a 14-unit multifamily asset in Ottawa’s Lowertown / Sandy Hill neighbourhood, offering a compelling combination of in-place stability and near-term income growth.
The property is currently in an active leasing and turnover cycle, with multiple units recently leased or scheduled for occupancy, supporting continued stabilization and rent optimization. Recent leasing activity includes new tenants in key units and strong demand for upcoming vacancies, with select suites generating multiple showings per week.
Approximately 50% of the units have been renovated and are achieving market rents, while the remaining units provide a clear and executable mark-to-market opportunity through natural tenant turnover and targeted interior improvements.
Additional value is being created through approximately $65,000 in insurance-funded capital improvements across select units, allowing for further rent growth without additional capital outlay.
The asset benefits from CMHC MLI Select-insured financing, offering a 40-year amortization and a maximum interest rate of 4.50%, which may be assumable subject to lender approval.
Strategically located steps from the ByWard Market, University of Ottawa, and major employment hubs, the property is well-positioned to attract students, young professionals, and government tenants, supporting long-term rental demand and occupancy stability.
This offering provides investors with a stabilized income base and a clear path to NOI growth through a capital-light, unit-by-unit repositioning strategy.