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For Sale · Multifamily

602 - 2383 PALM STREET, Ottawa

602 - 2383 PALM STREET, Ottawa, ON K1H8J9

Price on request

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Asset Class

Multifamily

Size

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Building class

C

Zoning

RF6 — Medium Density

$ / SF

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Occupancy

87%

About this property

If you're searching for a quiet and clean building to live, look no further than 2383 Palm Street. Enjoy everything Palm Gate Apartments has to offer, with Bachelor, One and Two Bedrooms apartments designed with large rooms within this 1970s building. The building offers apartments with large private balconies, hardwood parquet and porcelain floors, updated kitchens and bathrooms plus they are cleaned and freshly painted. The parking garage is clean and heated with security surveillance. There are laundry facilities in the basement open 24 hours for tenants. Well-situated in Alta Vista South residential neighborhood, with many close amenities. A short walk brings you Quickie Convenience, McDonalds, Wendy's or Tim Hortons. A few more steps brings you to Heron Gate Square with Food Basics, Rexall, Good Life Fitness & many fast food outlets. Palm Gate backs on to a City Park with a basketball court, baseball diamond (ice rink in the winter months) and a large updated Playground and Splash Pad. Heat and hydro included in rent. Parking available at an additional cost. (id:66811)

Financial sandbox

Adjust the deal assumptions — returns recalculate instantly.

Estimate
Purchase price$1.50M
Down payment30% · $450K
Interest rate6.25%
Amortization25 years
Occupancy87%
Expense growth2.5%

Monthly debt service

$7K

Projected NOI

$72K

Annual cash flow

$-11K

Cash-on-cash

-2.40%

DSCR

0.87

Going-in cap

4.82%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

57,091

Households

20,063

Median income

$127,000

Median age

34.3

Daytime population

54,367

5-yr growth

3.3%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 602 - 2383 PALM STREET, Ottawa.

NDA required

  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.