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 was generating a gross monthly income of $4000, yielding a net annual income of over $48,000. Key highlights include: the upper level: renovated with two 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 a legal secondary unit with 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:61594)
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| MLS® Number | X13182534 |
| Property Type | Single Family |
| Community Name | 7302 - Meadowlands/Crestview |
| Amenities Near By | Park, Public Transit, Schools |
| Equipment Type | Water Heater |
| Features | Wooded Area, Open Space, Flat Site, Level, In-law Suite |
| Parking Space Total | 6 |
| Rental Equipment Type | Water Heater |
| Bathroom Total | 2 |
| Bedrooms Above Ground | 3 |
| Bedrooms Below Ground | 2 |
| Bedrooms Total | 5 |
| Age | 51 To 99 Years |
| Amenities | Fireplace(s) |
| Appliances | Garage Door Opener Remote(s), Dishwasher, Dryer, Garage Door Opener, Hood Fan, Two Stoves, Two Washers, Window Coverings, Two Refrigerators |
| Architectural Style | Bungalow |
| Basement Development | Finished |
| Basement Features | Separate Entrance, Apartment In Basement |
| Basement Type | N/a (finished), N/a, Full, N/a |
| Construction Style Attachment | Detached |
| Cooling Type | Central Air Conditioning |
| Exterior Finish | Brick |
| Fireplace Present | Yes |
| Fireplace Total | 1 |
| Foundation Type | Concrete |
| Heating Fuel | Wood |
| Heating Type | Forced Air |
| Stories Total | 1 |
| Size Interior | 700 - 1,100 Ft2 |
| Type | House |
| Utility Water | Municipal Water |
| Detached Garage | |
| Garage | |
| Covered |
| Acreage | No |
| Fence Type | Fenced Yard |
| Land Amenities | Park, Public Transit, Schools |
| Sewer | Sanitary Sewer |
| Size Depth | 170 Ft |
| Size Frontage | 146 Ft |
| Size Irregular | 146 X 170 Ft |
| Size Total Text | 146 X 170 Ft |
| Zoning Description | Riff |
| Cable | Installed |
| Electricity | Installed |
| Sewer | Installed |
https://www.realtor.ca/real-estate/29810330/125-norice-street-ottawa-7302-meadowlandscrestview
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