$599,999
64-66 Rue De Lorimier
Gatineau (Hull)
Gatineau (Hull)
Type
Triplex
Bedrooms
3
Living area
250.7 MC
Bathrooms
1
MLS® 26058530
Property description
Rare opportunity: 5-plex strategic conversion in Hull, Lac des Fées area. Interior completely stripped, ready for immediate reconstruction to your standards. Commercial financing CMHC MLI Select available ($1,175,000 financeable) or residential option with renovation loan. Certified appraisal: $1,303,333. Approved plans for 2×2BR and 3×1BR units. Prime location: Cégep/UQO, highway access, downtown Ottawa. Stable investment, strong rental potential. Ideal for investors and developers.
Details
Located near
Highway, Cegep, Hospital, Park - green area, Elementary school, High school, Public transport, University, Bicycle path, Daycare centre
Taxes and expenses
| Municipal Taxes | $8,864 |
| School taxes | $483 |
Building and interior of the property
| Bedrooms | 3 |
| Bathrooms | 1 |
| Number of rooms | 6 |
| Living area | 250.7 SM |
| Expected delay of occupancy | 15 days |
| Dimension of the front of the building | 8.44 M |
| Dimension of the depth of building | 11.79 M |
| Land area | 585.3 SM |
| Dimension of the front of the land | 12.8 M |
| Dimension of the depth of the land | 33.05 M |
| Year built | 1920 |
| Municipal assessment (land) | $321,900 |
| Municipal assessment (building) | $386,900 |
| Municipal assessment (total) | $708,800 |
| Assessment year | 2025 |
| Number of stories | 2 |
| Irregular building | Yes |
| Irregular land | Yes |
| Potential gross revenue | $62,400 |
| Water supply | Municipality |
| Foundation | Poured concrete |
| Siding | Brick |
| Sewage system | Municipal sewer |
| Zoning | Residential |
Addendum
| * A STRATEGIC INVESTMENT OPPORTUNITY IN GATINEAU |
| This property represents a unique opportunity for savvy |
| investors and developers: an income property in full |
| conversion, located in one of Hull's most sought-after |
| areas. |
| * APPROVED TRIPLEX 5-PLEX CONVERSION |
| Currently registered on the assessment roll as a triplex, |
| this property has undergone complete administrative |
| procedures with the City of Gatineau for its conversion to |
| a 5-plex. The interior has been fully stripped, allowing |
| for immediate reconstruction to your quality standards. |
| Plans include 5 units: 2 two-bedroom apartments and 3 |
| one-bedroom apartments. |
| * ADVANTAGEOUS COMMERCIAL FINANCING |
| The 5-plex conversion provides access to the commercial |
| financing department, offering significantly more favorable |
| terms than traditional residential financing. Through the |
| CMHC MLI Select program, a financeable amount of $1,175,000 |
| is available, based on a certified appraisal establishing |
| the property's average value at $1,303,333 (average of 3 |
| appraisal methods: cost/sales comparison/income). It's |
| important to note that the appraiser did not include any |
| value premium related to potential rental income |
| optimization. The new owner can enhance returns by |
| including Internet and appliances in lease agreements, |
| thereby justifying higher rents than those used in the |
| appraisal calculations. |
| * ALTERNATIVE OPTION: RESIDENTIAL FINANCING |
| For buyers preferring a different approach, the property |
| can also be acquired and financed as a triplex through the |
| residential department, with a renovation loan allowing |
| financing of work up to 80% of the property's future value |
| (post-renovation). |
| * PRIME LOCATION, HIGH RENTAL POTENTIAL |
| Located in the Lac des Fées/Wrightville neighborhood in |
| Hull, the property benefits from a strategic location: |
| immediate proximity to Cégep de l'Outaouais, Université du |
| Québec en Outaouais (UQO), highway access, and downtown |
| Ottawa. This location guarantees consistent rental demand |
| and a stable long-term investment. |
| * IDEAL BUYER PROFILE |
| Real estate investors, developers, construction |
| entrepreneurs, and real estate portfolio managers seeking a |
| turnkey project with optimized financing and superior |
| return potential. |
