DON’T MISS THIS GREAT INVESTMENT OPPORTUNITY IN TRENDY HINTONBURG! With over $70k in annual rental income, this building is cash flow positive, the monthly rental income is $6,018.00. Renovated 4plex featuring 2 upper one-level one-bedroom units w/ balconies and 2 lower two-level three-bedroom units. New bathrooms, kitchens, floors and many upgrades throughout. This could be a great opportunity to invest, owner occupy and live for free, or sever and sell both sides separately.
111 Melrose Avenue Neighbourhood Guide
What to Expect
Hintonburg is located west of the downtown core. It is a mostly residential area but its commercial district is occupied by Wellington St W. It is the neighbourhood that precedes Westboro, going westbound from downtown. The area has a diverse mix of heritage buildings and new developments. Hintonburg is close to many of Ottawa’s popular neighbourhoods including Westboro, Little Italy, and Centretown.
This area hosts an eclectic mix of artists, adults and families. This mix is in part due to the opening of several galleries in the area since 2006. There are a few child care services and elementary schools.
Wellington St W is a thriving street due to its proximity to the Parkdale Market and Tunney’s Pasture. Commercial activity along this street is predominantly independent businesses and offices. At the corner of Holland and Wellington, there is the Irving Greenberg Theatre Centre which opened in 2007 for live theatre performances.
What You’ll Love
Hintonburg is easily accessible as it is bordered by the Queensway as well as Ottawa’s light rail transit system, the O-train This neighbourhood offers a diversity of restaurants, if you head to Wellington Street you will be sure to find something you love. You’ll have access to grocery stores, pharmacies and any amenities you would need. You can take a drive, or bike ride, on the Parkway and find beautiful views of the Ottawa River.
Have a look at the November 2019 Market Statistics for Condominiums in Ottawa.
Members of the Ottawa Real Estate Board sold 330 condominium-class properties in November 2019, an increase of 12.2% from November 2018.
The average sale price for a condo in Ottawa was $313,734, an increase of 9.8% from November 2018.*
The most active price point in the condominium market was, $225,000-$349,999, and accounted for 57.5% of the units sold.
Curious about November 2019 market statistics for residential-class properties in Ottawa as well? Click here to read the full story.
*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.
Historically, Ottawa hasn’t had the same demand for condos as other metropolitan cities. Our demographics didn’t dictate it, our job market wasn’t growing enough (outside of the government), and externalities didn’t put Ottawa on the map. Fast forward to today and things have changed. Baby Boomers are starting to retire and reconsider the value of their massive home against the realities of what they need now and moving forward. Ottawa is being talked about as “Silicon Valley North” with the massive success of Shopify and countless other companies that are about to hit. Nationally, the spotlight is on Ottawa. Toronto and Vancouver have seen major pricing spikes in real estate and declining numbers on livability forcing people to look at alternatives i.e. Ottawa. As a result, condos are a major talking point in the Ottawa real estate market. Not all condos are created the same, which are heavily influenced by the developer. The condo market is evolved and has been shaped by several developers over the decades. Here are the top five condo developers in Ottawa (in no particular order):
Urban Capital brought the trendy feel of Toronto condos to Ottawa. Specializing in the soft loft feel (exposed concrete and high ceilings in a new build), they took the condo market by storm with the three-phase East Market Condos. Based on that success, they went straight into Centretown and cemented themselves in Ottawa with a 24-story high-rise, The Mondrian. Urban Capital’s momentum and popularity were at an all-time high in Ottawa and they had one more gift… ok two, for Centretown. They single handily revitalized Centretown south of Gladstone Av with Central and The Hideaway.
Charlesfort Developments is the most distinct condo builder in Ottawa. Their art-deco style sets them apart from the pack and leaves a lasting impression wherever they build. Think I’m kidding, what’s one of the only things you can remember on Bronson Ave around the Glebe… the McDonalds? How about that cool building less than a block away? Thank you, Glasgow Condos! Wherever you look centrally in Ottawa, Charlesfort has a presence. The Golden Triangle has the Merit, Old Ottawa East has The Glassworks, and Centretown has Hudson Park, to name a few.
Claridge Homes is arguably the Condo Developer that has impacted the downtown condo market the most. Founded in 1986, Claridge started out as a home builder before expanding into condos. Today, their main claim to fame is twofold. One, they have shaped the Byward Market condo market into their own. They built York Plaza Condo, Claridge Plaza Phase 1, Phase 2, Phase 3 and Phase 4, 700 Sussex, and (most recently, even though it’s not a condo) the Andaz Hotel. Moving slightly west, Claridge is about to make history. On the corner of Preston St and Carling Ave, a superstructure is being built. The 45-story Icon will be the tallest condo building in Ottawa. The first of its kind, the Icon will redefine the skyline in Ottawa and will spark the redevelopment of Preston St. that is long overdue.
Founded in 1976, Domicile Developments made a niche for itself in the low to mid-rise building class. They have primarily built units with lofty features (high-ceiling and big windows), blended with modern finishes. Domicile has built so many good projects over the years, it would take too long to talk about them all. Instead, here are a list of buildings Domicile has built-in popular neighbourhoods inside the Greenbelt:
The final entry on this list is Windmill Developments. Founded in 2003, Windmill set its sights on being the most environmentally friendly developer in Ottawa. Every one of their projects has the esteemed Leadership in Energy and Environmental Design (LEED) certification. In addition, they have produced some landmark projects including The Eddy and Cathedral Hill and have a crown jewel set to launch shortly in Southminster Condos. That said, I think Windmill’s best project was The Currents, on the corners of Wellington and Holland (where the Great Canadian Theatre Company is). Ecstatically pleasing, large floor plans, and rarely an active listing in the building make The Currents a big hit!
Ottawa’s condo market is evolving. These top five condo developers in Ottawa have had a major part in shaping the market, the skyline, and the next generation of developers. They have set a precedent in the market and we can’t wait to see what’s next.