Carnarvon Terrace was part of Hillman Street, near the Antrim Road end. The 1887 street directory gives the occupier of no7 as John Nichol, plumber. So it looks like your ancestor was a lodger there.
The 1890 directory shows Samuel, a bank clerk, at 2 Ravenbank on Ravenhill Road. Many street directories are available online at PRONI website.
In 1901 Census he is at 210 Ravenhill Road(probably the same house) with his wife Florence and 4 children.