589 Ontario St

About this Property

Rare opportunity to acquire a 21-unit multifamily investment in St. Catharines' desirable north end with exceptional income today and significant redevelopment potential for tomorrow. With 6 lots providing frontage on both Ontario Street and Embassy Avenue, the property currently generates an approximate 7% cap rate, with a clear path to approximately 9%+ cap rate through lease-up and rental optimization. The site has been the subject of a pre-consultation process with the City, identifying future redevelopment potential (buyer to complete their own due diligence). Investors benefit from strong in-place cash flow while pursuing future planning approvals, creating a unique opportunity to generate income during the entitlement process. Whether you're seeking a stable long-term hold, a value-add apartment investment, or a strategic land assembly with development upside, this offering presents exceptional flexibility in a prime location.

Listing Details

MLS #

X13701644

Board

PROPTX

Market

ontario

Property Type

Multiplex

Style

2-Storey

Garage

None

Parking Spaces

16

Basement

Other

Heating

Forced Air

Cooling

Central Air

Pool

None

Lot Size

121.26 × 174.74 ft

Annual Taxes

$26,246/yr

Listed By

ROYAL LEPAGE NRC REALTY COMPASS ESTATES

Listed On

August 21, 2026

Features & Extras