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Sarah Percival

sarah.percival@engelvoelkers.com +1(613) 883-7076

$ 1,019,888

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501 LYON STREET N Ottawa, ON K1R5X6

6 Beds

4 Baths

2,499 SqFt

UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 2,499 sqft

Price per Sqft $408

Subdivision 4103 - Ottawa Centre

MLS® Listing ID X11986175

Bedrooms 6

Originating Board Ottawa Real Estate Board

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! (id:24570)

Location

Province ON

Rooms

Extra Room 1 Second level 2.99 m X 4.01 m Living room

Extra Room 2 Second level 3.36 m X 3.05 m Kitchen

Extra Room 3 Second level 3.25 m X 3.41 m Bedroom

Extra Room 4 Second level 2.97 m X 4 m Bedroom

Extra Room 5 Third level 4.42 m X 5.02 m Bedroom

Extra Room 6 Third level 3.34 m X 3.6 m Bedroom

Interior

Heating Forced air

Cooling Ventilation system

Exterior

Parking Features No

View Y/N No

Total Parking Spaces 2

Private Pool No

Building

Story 3

Sewer Sanitary sewer

Others

Virtual Tour https://youtu.be/7EbLP30OV6k

Listed by ROYAL LEPAGE TEAM REALTY

Sarah Percival

Salesperson

+1(613) 883-7076

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