2428-2430 IRIS STREET · Fourplex

2428-2430 IRIS STREET is a 4-unit fourplex in Ottawa, ON, asking $1,399,000 — $349,750 per door.

That lands inside the Ottawa band of $275k - $475k per door, so the ask is not the thing that decides this deal — the rent roll is. Ottawa cap rates screen 4.3% - 5.6% and average rent runs about $2,250 a door.

At 4 units this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

Ottawa offers durable demand, stable employment, and selected intensification upside, but prices require disciplined underwriting. Investor demand reads high, vacancy tight to balanced.