224 Lyon Street N 204, Ottawa Centre

$409,900
224 Lyon Street N 204

$409,900

New
4d
Condo Apartment1 Storey/Apt

224 Lyon Street N 204, Ottawa Centre

Total Monthly Obligation $2,810

Beds
1
Baths
1
Park
1
Sqft
600-699
DOM
4d
Score
18
Yield
6.3%
Cash on Cash
-6.5%
Cap Rate
3.2%
5Y IRR
10.4%
10Y IRR
10.5%
Property Type-Condo Apartment
MLS® Number-X14092682
Beds-1
Bathrooms-1
Size-600-699 sqft
Listed on site-Oct 19, 2026
Style-1 Storey/Apt
Building Type-Condo Apartment
Taxes-$4,738.27 (2026)
Maintenance-$562/mo
Locker-None
Parking-1 - Underground
Basement-None
Heating-Forced Air (Electric)
Brokerage-COMMISSION WISE INC.
Cooling-Central Air
Laundry-Yes
Fireplace-No
Pool-None
Exterior-Concrete, Brick
Roof-Tar and Gravel
Foundation-Concrete
Possession-TBA / Immediate
Neighbourhood-4102 - Ottawa Centre
Title-Residential Condo & Other

No agent assigned

Vacant, move-in ready and available with flexible possession. This one-bedroom-plus-den condo at the Gotham offers 676 sq ft of living space, a rare south-facing private terrace of over 400 sq ft per the builder's plan, and an owned heated underground parking space. That combination is hard to find in downtown Ottawa. Built by Lamb Development Corporation, the unit features 10-foot exposed concrete ceilings, floor-to-ceiling windows and engineered hardwood floors. The European-style kitchen has stone countertops and stainless steel appliances, including a gas range. The den works well as a home office or guest space. The spa-inspired bathroom has porcelain finishes. In-unit laundry and an individually controlled heat pump for heating and cooling add everyday comfort. Hot water and gas for the stove are included in the condo fees. The terrace gets sun all day and has a gas BBQ hookup, making it a true outdoor room for entertaining. You are steps from Lyon Station, federal government offices and Parliament Hill, with Centretown's restaurants and shops at your door. Walking to work saves time every day. Strong downtown rental demand also makes this a solid choice for investors. Building amenities include concierge service, a party room, secure fob access and fibre optic internet. Select photos are virtually staged

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(utilities, internet...)
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%
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Closing Costs

Mortgage Amount
$327,920
Land Transfer Taxes$4,673
Legal Fees (Est.)
$
Total cash required for closing$88,153

Total Monthly Obligation

$2,810/mo
Mortgage $1,653
Monthly Loss $2,375
Principal$435
Interest$1,218
Property Tax$395
Condo Fees$562
Home Insurance$50
Variable Costs$150
Returns
Weight: 25%
Cap Rate
2.3%14
Cash-on-Cash
-11.8%0
5-Year IRR
6.7%17
10-Year IRR
8.3%
Returns Index
9.6/ 100
Growth Sentiment
Weight: 20%
%/yr
Score+50
%/yr
Score+50
%
%
Growth Index
50.0/ 100
GradeD
18/ 100
Avoid•Pass

Strategy: Buy & Hold — Weights: CFI 35% · RI 25%
RKI 20% · GI 20%

Assumptions & Inputs
$/mo
%
$
yr
%
Cash Flow
Weight: 35%
Gross Rent
$25,884/yr
NOI
$9,413/yr
Net Cash Flow
-$869/mo
Cash Margin
-40.3%0
Cash Flow Index
0.0/ 100
Risk Profile
Weight: 20%
DSCR
0.474
LTV Ratio
80.0%18
Vacancy Buffer
3.4 mo58
Risk Index
27.0/ 100

*This analysis is independently generated NOT provided by TREB or CREA.

Comparables

Properties near 224 Lyon Street N 204

Time

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