Four- and five-unit rental buildings across Ottawa and Eastern Ontario, where residential and commercial financing meet.
Fourplexes and Fiveplexes for Sale in Ottawa
Ottawa fourplexes and fiveplexes
Four and five units: where financing changes
Four and five units sit at an important line. A fourplex can usually still be financed with a residential mortgage. At five units, the building is financed as commercial and becomes eligible for CMHC multi-unit insured financing, including MLI Select, which can change the cash flow of a purchase considerably.
Ottawa has a good supply of fourplexes, from older side-by-side buildings to newer purpose-built ones, and more are being built as the city allows more homes in established neighbourhoods. Each one needs to be judged on what it actually earns and what it will cost to keep.
See current listings below and our full multifamily real estate services.
4 units
residential financing
5 units
CMHC multi-unit financing eligible
20 to 25%
of income at risk from one vacancy
Income
evaluated on actual rents and costs
Live MLS® listings
Fourplexes, fiveplexes and multifamily for sale in Ottawa
Updated automatically from MLS®. Many multifamily buildings, especially larger ones, trade in the pre-market, so tell us what you are looking for.
Before you buy
What to check on a four or five unit building
Rent roll and leases
Rents compared with market, lease dates, deposits and tenant history.
Operating costs
Taxes, insurance, utilities, maintenance and management, based on real bills.
Separate meters
Whether tenants pay their own hydro and heat, or you do.
Building systems
Roof, windows, boiler or furnaces, electrical service and plumbing.
Laundry and parking
Coin or in-suite laundry and parking can add income or cost.
Financing route
Residential financing for four units, or CMHC multi-unit financing at five, and how each affects your equity and cash flow.
Market context
Ottawa rental market today
Ottawa's rental vacancy rate rose to 3% in 2025, according to CMHC, as record rental construction added supply. Near-term rent growth is expected to be more modest, with slower population growth and federal job reductions weighing on demand (Marcus & Millichap).
For buyers, that means underwriting on today's actual rents and realistic vacancy rather than last year's rent growth. Over the long term, Ottawa's stable institutional economy continues to support rental demand.
Once you reach five units, buildings become eligible for CMHC multi-unit insured financing, including MLI Select. See our MLI Select guide.
What we underwrite
- Actual rents against current market rents
- Vacancy and credit loss allowance
- Operating costs, utilities and who pays them
- Capital needs: roof, windows, electrical, plumbing
- Net operating income and cap rate
- Financing, debt service and cash flow
Explore
More Ottawa multifamily real estate
Large buildings and portfolios
Larger apartment investments for private wealth and investment groups.
Apartment buildings (12+ units)
Apartment buildings of 12 units and more across Ottawa.
6 to 12 unit buildings
Sixplexes to 12-unit buildings with CMHC multi-unit financing.
Triplexes
Three units: more income, still simple to manage.
Duplexes
Two-unit properties for investors and owner-occupiers.
Build-to-order rentals
New low-rise rental buildings delivered to investors.
How to evaluate a multifamily property
NOI, cap rates, financing and due diligence.
CMHC MLI Select guide
How the program works for five units and up.
Ottawa Fourplex and Fiveplex FAQs
Is a fourplex financed as residential or commercial?
Buildings of up to four units are generally financed as residential. Five units and up are commercial, and can use CMHC multi-unit insured financing.
Can I build a fourplex in Ottawa?
Ottawa is updating its zoning to allow more homes in established neighbourhoods, and provincial rules already allow up to three units on most serviced lots. Whether a fourplex is allowed depends on the specific property. See our build-to-order program for new rental buildings.
How do you value a fourplex?
On its income: rents, vacancy, operating costs and net operating income, compared with similar sales. We avoid price per unit, which says little about how a building will perform.
Do you help sell fourplexes and fiveplexes?
Yes. We help owners prepare an investment pro forma, evaluate value using best practices, often recommending an appraisal, and market the property to investors.
Mitch Gauzas, REALTOR®
