We are pleased to present an exceptional investment opportunity featuring strong immediate cash flow and significant future development potential. This updated, well-maintained bungalow includes a legal secondary unit and is situated on a prime 146 ft x 170 ft oversized lot in the desirable Crestview/Meadowlands community. The property generated a gross monthly income of $ 4,000, yielding a net annual income of over $48,000. Key highlights include: the upper level: renovated with three generous bedrooms, a modern open-concept kitchen, a four-piece bathroom, in-unit laundry, gleaming hardwood flooring and LED lighting throughout, and a bright living space. The lower level features in law unit suite with a separate entrance, two bedrooms, a three-piece bath, its own dedicated laundry facility, new laminate flooring, raw marble kitchen counters in the kitchen and bathroom, plus a sleek open-concept layout with high-end finishes. This fabulous home sits on an oversized corner fenced and hedged lot, featuring a large 2-car detached garage, an interlock patio ideal for summer enjoyment and entertaining. Location: Ideally situated within walking distance of Algonquin College, the future LRT station, the shops at College Square and easy access to the 417 Highway. The property is also steps away from convenient bus service, parks, and St. Gregory's Elementary School. Beyond the current rental income, the newly proposed Minor Corridor 2 (CM2) zoning unlocks significant development potential. This may allow for a four-story building with a footprint of over 5,500 sq. ft., potentially providing more than 25,000 sq. ft. of total living space. (Note: All development potential must be verified with the City of Ottawa. This is a rare opportunity to secure a high-yielding asset while positioning for exceptional future returns. Please let me know if you would like to schedule a viewing or if I can provide further details. (id:4069)
Address
125 NORICE STREET
List Price
$924,900
Property Type
Single Family
Style of Home
Bungalow
Transaction Type
Sale
Area
Ontario
Sub-Area
Ottawa
Bedrooms
5
Bathrooms
2
Floor Area
700 - 1100 Sq. Ft.
Lot Size
146 x 170 FT Sq. Ft.
MLS® Number
X13182534
Listing Brokerage
ROYAL LEPAGE TEAM REALTY
Basement Area
N/A (Finished), N/A, Full, N/A
Postal Code
K2G2Y2
Zoning
RIFF
Site Influences
Park, Public Transit, Schools
Features
Wooded area, Open space, Flat site, Level, In-Law Suite
Amenities
Fireplace(s)
Open Houses
- May 31, 2:00 PM - 4:00 PM
