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Home ON Ottawa - Gatineau Ottawa Centretown
501 LYON STREET N
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501 LYON STREET N $1,019,888
$1,019,888
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501 LYON STREET N
Ottawa, Ontario K1R5X6

MLS® Number: X11986175
6
Bedrooms
4
Bathrooms
2500 - 3000
Square Feet

Listing 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! (39933438)

Location Description

Lyon and McLeod

Property Summary

Property Type
Multi-family
Building Type
Duplex
Storeys
3
Square Footage
2500 - 3000 sqft
Community Name
4103 - Ottawa Centre
Land Size
33 x 66 FT
Annual Property Taxes
$5,408
Parking Type
No Garage
Time on REALTOR.ca
22 days

Building

Bedrooms
Above Grade
6
Bathrooms
Total
4
Interior Features
Appliances Included
Water Heater, Water meter, Intercom, Dryer, Two stoves, Two Washers, Refrigerator
Basement Type
Full (Partially finished)
Building Features
Features
Wooded area, Flat site, Level, Carpet Free, Sump Pump
Foundation Type
Concrete
Fire Protection
Smoke Detectors
Building Amenities
Separate Electricity Meters, Separate Heating Controls
Structures
Deck
Heating & Cooling
Cooling
Ventilation system
Heating Type
Forced air (Natural gas)
Utilities
Utility Type
Cable (Installed), Sewer (Installed)
Utility Sewer
Sanitary sewer
Water
Municipal water
Exterior Features
Exterior Finish
Brick, Steel
Parking
Parking Type
No Garage
Total Parking Spaces
2

Measurements

Square Footage
2500 - 3000 sqft

Rooms

MetricImperial
Main level
Living room
Kitchen
Bedroom
Bedroom
Second level
Living room
Kitchen
Bedroom
Bedroom
Third level
Bedroom
Bedroom
Great room
Basement
Workshop

Land

Lot Features
Frontage
33 ft
Land Depth
66 ft
Other Property Information
Zoning Description
R4UB
Data provided by: Ottawa Real Estate Board 1826 Woodward Drive, Ottawa, Ontario K2C 0P7

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