501 Lyon St. N

Ottawa, ON K1R 5X6

This classic 2-story Victorian underwent a complete overhaul in 2017 with a new 3rd story addition on the top and a full 3-story addition on the back. Currently configured as a 6-bedroom legal DUPLEX PROPERTY with 2 car tandem parking, yielding an impressive $53,400 Net Operating Income. Tenants pay gas and hydro. Vacant possession available. Pick your own tenants. Convert to 3 UNIT PROPERTY to increase cash flow and to significantly increase the appraised value.

The 2017 overhaul planned for an eventual conversion to a THREE UNIT PROPERTY. All updated plumbing, electrical and HVAC was configured and replaced anticipating the conversion. A third kitchen is fully 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 private balcony and 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 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 the current DUPLEX and projected THREE UNIT Financials and Info sheet.

Some notable updates from 2017: 3-story addition on back, 3rd floor added, high quality maintenance free steel siding, correct egress, fire escape and floor fire separations, new roof on the addition, fully re-wired, 3 hydro meters (with space for a 4th), 4 electrical panels, fully re-plumbed, three new bathrooms added, each floor has private balcony, 1st floor has balcony AND exclusive use of back yard oasis, many windows and doors replaced, separate laundry for each unit (rough in for future Third Level Unit laundry), three separate furnaces and hot water on demand all owned (2 gas meters currently, gas supply lines ready for Three Unit configuration and adding a 3rd meter), separately metered basement with electric heat for landlord storage.

Come make 501 Lyon Street your new investment!