231-233 ST. PATRICK STREET · Triplex

231-233 ST. PATRICK STREET is a 3-unit triplex in Ottawa, ON, asking $799,000 — $266,333 per door.

That sits below the Ottawa band of $275k - $475k per door. A price under the band usually means condition, location, or an in-place rent roll well below market — confirm which before treating it as a discount. Ottawa cap rates screen 4.3% - 5.6% against average rent near $2,250 a door.

At 3 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.