501 Lyon St N
501 Lyon St N
501 Lyon St N
+37
6
 bed
4
 bath
2
 parking
2500 - 3000
 sqft
Duplex
$1,019,888
For Sale
4 days
 on site
$1,019,888
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Size
-
Lot size
2178 sqft
Street frontage
W
Possession
Vacant possess
Price per sqft
$340 - $408
Taxes
$5,408 (2024)
Parking Type
-
Style
3-Storey
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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!

EXTRAS:
Broker: ROYAL LEPAGE TEAM REALTY
MLS®#: X11986175
Property details
Parking:
2
Parking type:
-
Property type:
Duplex
Heating type:
Forced Air
Style:
3-Storey
MLS Size:
2500-3000 sqft
Lot front:
33 Ft
Lot depth:
66 Ft
Listed on:
Feb 25, 2025
Show all details
Rooms
LevelNameSizeFeatures
Bsmt
Workshop
28.6 x 18.9 ft
Main
Living
12.4 x 17.9 ft
Main
Kitchen
12.7 x 9.2 ft
Show all
Instant estimate:
orto view instant estimate
$29,395
lower than listed price
i
High
$1,040,017
Mid
$990,493
Low
$940,968

About 501 Lyon St N

501 Lyon St N is an Ottawa duplex for sale right off Lyon and McLeod. It has been listed at $1019888 since February 2025. This duplex has 6 beds, 4 bathrooms and is 2500-3000 sqft. Situated in Ottawa's Centre Town neighbourhood, The Glebe, Centre Town West, Downtown Ottawa and Lebreton are nearby neighbourhoods.

For groceries or a pharmacy you'll likely need to hop into your car as there is not much near this duplex.

If you are reliant on transit, don't fear, there is a Bus Stop (GLADSTONE / PERCY) a 3-minute walk.