589 Rideau Street 404, Lower Town - Sandy Hill

$559,900
589 Rideau Street 404

$559,900

New
15d
Condo ApartmentApartment

589 Rideau Street 404, Lower Town - Sandy Hill

Total Monthly Obligation $3,496

Beds
1
Baths
2
Park
1
Sqft
800-899
DOM
15d
Score
16
Yield
5.2%
Cash on Cash
-8.8%
Cap Rate
2.7%
5Y IRR
8.7%
10Y IRR
9.2%
Property Type-Condo Apartment
MLS® Number-X13876280
Beds-1
Bathrooms-2
Size-800-899 sqft
Listed on site-Oct 8, 2026
Style-Apartment
Building Type-Condo Apartment
Taxes-$4,122.81 (2026)
Maintenance-$694.23/mo
Locker-Exclusive
Parking-1 - None
Basement-None
Heating-Heat Pump (Electric)
Brokerage-RE/MAX ABSOLUTE REALTY INC.
Cooling-Wall Unit(s)
Laundry-No
Fireplace-Yes
Pool-None
Exterior-Brick
Possession-Flexible
Neighbourhood-4002 - Lower Town
Title-Residential Condo & Other

No agent assigned

Rare opportunity to own an iconic piece of Ottawa's history! The Wallis House, built in 1873, was converted to loft-style condos in 1996. With soaring ceilings, ample natural light, and exposed brick throughout, unit 404 has been completely updated for modern living while maintaining the authentic charm and character this building is known for. With a bright new kitchen with quartz countertops, a main floor powder room, and ensuite laundry, this thoughtful layout blends an open concept with functional division. With room for both formal dining, a kitchen island with additional seating, and a home office adjacent to a generous living room with a gas fireplace, this condo accommodates any lifestyle. Upstairs, a spacious loft bedroom and newly renovated ensuite blend seamlessly with the classic features and modern comforts. Backing onto Macdonald Gardens Park, the Wallis House offers both downtown living in a prime location simultaneously and your own private escape with abundant greenspace and a rooftop terrace. Walking distance to Strathcona Park, the Ottawa River, bike trails, and the ByWard Market, this condo is a must see! Upgrades: Heat Pump 2024, Kitchen 2023, Bathroom 2026, Electrical Panel 2024, Washer/Dryer 2023, Ceiling fans 2023, Condo recently refinished front steps and added bike storage.

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$
$
(utilities, internet...)
$
%
%

Closing Costs

Mortgage Amount
$447,920
Land Transfer Taxes$7,673
Legal Fees (Est.)
$
Total cash required for closing$121,153

Total Monthly Obligation

$3,496/mo
Mortgage $2,258
Monthly Loss $2,902
Principal$594
Interest$1,664
Property Tax$344
Condo Fees$694
Home Insurance$50
Variable Costs$150
Returns
Weight: 25%
Cap Rate
2.0%12
Cash-on-Cash
-13.1%0
5-Year IRR
5.6%13
10-Year IRR
7.4%
Returns Index
7.6/ 100
Growth Sentiment
Weight: 20%
%/yr
Score+50
%/yr
Score+50
%
%
Growth Index
50.0/ 100
GradeD
16/ 100
Avoid•Pass

Strategy: Buy & Hold — Weights: CFI 35% · RI 25%
RKI 20% · GI 20%

Assumptions & Inputs
$/mo
%
$
yr
%
Cash Flow
Weight: 35%
Gross Rent
$29,040/yr
NOI
$11,282/yr
Net Cash Flow
-$1,318/mo
Cash Margin
-54.5%0
Cash Flow Index
0.0/ 100
Risk Profile
Weight: 20%
DSCR
0.423
LTV Ratio
80.0%18
Vacancy Buffer
2.8 mo45
Risk Index
22.3/ 100

*This analysis is independently generated NOT provided by TREB or CREA.

Comparables

Properties near 589 Rideau Street 404

Time

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