501 Lyon ST N new Save Request In-Person Tour Request Virtual Tour
Ottawa Centre,ON K1R 5X6
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
Approx. Sqft 2500-3000
Subdivision 4103 - Ottawa Centre
MLS Listing ID X11986175
Style 3-Storey
Bedrooms 6
Annual Tax Amount $5,408
Tax Year 2024
Property Sub-Type Duplex
Property Description
This classic 2-story Victorian underwent a complete overhaul in 2017 with a 3rd story addition on the top and a full 3-story addition on the back. Currently configured as a 6-bedroom legal DUPLEX with 2 car tandem parking, yielding $53,400 Net Operating Income. Tenants pay gas and hydro. Vacant possession available. Pick your own tenants. -- Convert to THREE UNIT PROPERTY to increase cash flow and to significantly increase the appraised value. -- The 2017 overhaul planned for an eventual conversion to THREE UNITS. All plumbing, electrical and HVAC was replaced and configured anticipating the conversion. A third kitchen/laundry is roughed in on the new 3rd level. Correct fire rated separations between floors and egress, independent forced air heating and electrical systems for each floor. As a THREE UNIT Property, the Effective Gross Income is projected at $77,000 per year. Current DUPLEX configuration: Unit 1 - Main Level: 2 bed, one 3 pc bath, eat-in kitchen, large living room, with 85 SF balcony and exclusive back yard access. Unit 2 - Second Level: Two-story, 4 bed, 3 x 3 pc baths, eat in kitchen, living room, huge family room, three balconies - a private 87 SF at the back on the second level, 40 SF on the front and another 87 SF on the back on the third level. A partly finished basement with electric rad heat offers tons of storage for the landlord. Live in and rent a unit, or great updated turnkey investment for your portfolio. Optional THREE UNIT configuration separates the two-story Second Level Unit into TWO separate units consisting of: Unit 2 - Second Level: 830 SF, 2 bed, two 3-pc baths, with eat in kitchen and living room, and Unit 3 - Third Level: 630 SF 2 bed, one 3 pc bath, with large eat in kitchen/ great room. Three Unit alteration was 90% complete during the 2017 overhaul and ready when you are. Ask your agent for list of UPDATES, DUPLEX and projected THREE UNIT Financials and Concept sheet. Come make 501 Lyon Street your new investment!
Location
Province ON
County Ottawa
Community 4103 - Ottawa Centre
Area Ottawa
Zoning R4UB
Rooms
Family Room Yes
Basement Partially Finished,Full
Kitchen 2
Interior
Interior Features Storage,Water Heater,Sump Pump,Water Meter,Water Heater Owned,Separate Hydro Meter,Separate Heating Controls,Carpet Free,Intercom,ERV/HRV,Ventilation System
Cooling None
Inclusions 3 Refrigerators, 2 Stoves, 2 Washers, 2 Dryers
Exterior
Exterior Feature Deck,Privacy
Pool None
Roof Type Membrane,Fibreglass Shingle,Shingles
Lot Frontage 33.0
Lot Depth 66.0
Total Parking Spaces 2
Building
Foundation Concrete,Other
Others
Senior Community No
Security Features Smoke Detector,Other
Virtual Tour https://youtu.be/7EbLP30OV6k