2428-2430 Iris Street
Parkway Park - Queensway Terrace S and Area, ON
- 10 bed
- 4 bath
- approx. 2000-2500 sqft
- Fourplex
- 50 days on market
Fully Legal Four unit property in Parkway Park Absolute Cash Cow! Rare opportunity to own a turn-key legal 4-unit property in a premium investment location close to Algonquin College, College Square, IKEA,t ransit, and the new LRT. Two side-by-side bungalows, each with a main-floor unit and a legal basement apartment. All completed with permits, soundproofing, separate meters, and independent heating systems. Both basement units are completely renovated (2018) upper Unit 2430 has been fully updated throughout, while 2428 has new kitchen, fresh paint, refinished hardwood flooring, and new interior doors. The property also features new appliances throughout, new furnaces, and a roof re-shingled in 2017 with vents added. Lower units Each offers 2 bedrooms and a Den/ media (sometimes used as another bedroom), 1 full bathroom, a separate side entrance, and is extremely spacious with plenty of potential. Gross annual income exceeds $103,000, and more then 6% Cap rate. This is an absolute cash cow with fantastic, well vetted tenants and an extremely stable rental stream with virtually no vacancy. Tenants pay heat and hydro; landlord pays only water. Hot water tanks are included. This property is perfect for investors looking to move into one unit and rent the others, or lease all four units for maximum returns. More information, Rooms History including detailed expenses and net income, is available upon request. Don't miss this high-demand, high ROI opportunity in one of Ottawa's most sought-after areas for rental properties.
Listing Details
- Taxes (2025)
- $7,559
- Listed
- July 20, 2026
Price History
Listing history
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Property
- Style
- 1 Storey/Apt
- Construction
- Brick Veneer
- Roof
- Asphalt Shingle
- Foundation
- Poured Concrete
- Interior
- Carpet Free, Built-In Oven, Separate Heating Controls
- Lot Size
- 51.77 x 88.04 Feet
Parking
- Garage
- None
- Covered Spaces
- 0
- Total Parking
- 4
Utilities
- Sewer
- Sewer
- Heat Source
- Electric
Location & Legal
- Cross Street
- Woodroffe/Iris
- Parcel Number
- 039530003
- Possession
- Immediate
- Occupancy
- Tenant
Schools
Elementary
- Our Lady of Victory Elementary School0.5 km
Catholic · Ottawa CSB · 225 students
Grade 3 reading: 85% met the provincial standard · Grade 6 math: 55% met the provincial standard
- École élémentaire catholique Terre-des-Jeunes0.5 km
French Catholic · CSDC du Centre-Est de l'Ontario · 445 students
Grade 3 reading: 67% met the provincial standard · Grade 6 math: 76% met the provincial standard
- Severn Avenue Public School0.8 km
Public · Ottawa-Carleton DSB · 325 students
Grade 3 reading: 67% met the provincial standard · Grade 6 math: 69% met the provincial standard
Secondary
- Sir Guy Carleton Secondary School1 km
Public · Ottawa-Carleton DSB · 315 students
Grade 10 literacy: 42% met the provincial standard
- Woodroffe High School1.1 km
Public · Ottawa-Carleton DSB · 900 students
Grade 10 literacy: 81% met the provincial standard
- Launch Secondary School1.4 km
Public · Ottawa-Carleton DSB
Straight-line distance. Nearby schools are not necessarily the assigned schools — confirm catchment with the school board. Scores are EQAO provincial test results for 2024-2025.
Community
Postal area K2C
- Population
- 29,359
- Private dwellings
- 13,056
- Median age
- 38
- Average household size
- 2.3
- Median household income
- $86,000
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Residential Freehold in Parkway Park - Queensway Terrace S and Area · last 12 months
- Median sold price
- $587,500
- Homes sold
- 74
- Median days on market
- 22
- Sale-to-list price
- 97.6%
Based on 74 recorded sales of residential freehold properties in Parkway Park - Queensway Terrace S and Area over the last 12 months.
Listed by
TRU REALTY
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Location
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Mortgage Calculator
$279,980
Estimated Monthly Payment
$6,877
Land transfer tax
Ontario land transfer tax only. An estimate — not legal or financial advice. Municipal land transfer tax applies in Toronto and is not included.
Investment Analysis
No recent nearby lease data. Enter a rent to see the numbers.
Mortgage: $6,877/mo (20% down, 5.5%)
Taxes: $630/mo · Insurance: $350/mo
Estimates only. Consult a financial advisor.
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