501 LYON STREET N, Ottawa, Ontario K1R 5X6

501 LYON STREET N, Ottawa, Ontario K1R 5X6
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Get more details

$1,019,888.00

  • 6 bedrooms
  • 4 bathrooms

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 ... read more

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! (id:25417)

  • Listing ID: X11986175
  • Property Type: Single Family
Property
Lot Size: 33 by 66 FT
Parking: No Garage
2 Spaces
Building
Type: Single Family Duplex
Appliances: Dryer, Intercom, Refrigerator, Two Washers, Two Stoves, Water Meter and Water Heater
HVAC: Fireplace, Forced Air and Ventilation System
Natural Gas
Exterior: Brick and Steel
Basement: Full (Partially Finished)
Utilities: Sanitary Sewer
Location
City: Ottawa
Province: Ontario
Rooms Level Dimensions
Living room Second level 2.99 m x 4.01 m
Kitchen Second level 3.36 m x 3.05 m
Bedroom Second level 3.25 m x 3.41 m
Bedroom Second level 2.97 m x 4 m
Bedroom Third level 4.42 m x 5.02 m
Bedroom Third level 3.34 m x 3.6 m
Great room Third level 4.91 m x 5.12 m
Workshop Basement 8.73 m x 5.76 m
Living room Main level 3.77 m x 5.44 m
Kitchen Main level 3.88 m x 2.79 m
Bedroom Main level 3.59 m x 3.18 m
Bedroom Main level 3.14 m x 4.05 m

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501 LYON STREET N, Ottawa, Ontario K1R 5X6
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This property, located on Lyon Street North in Ottawa Ontario, was published on February 24th, 2025. See if this home suits your needs, or speak with an agent about subscribing to similar homes. At MoveMeTo.com, we make finding homes for sale in Ottawa convenient.

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