$938,000
Available - For Sale
Listing ID: X13732866
474 SOMERSET Street West , Ottawa Centre, K1R 5J8, Ottawa
| Location, Location, Location! Transform this high visibility asset into Commercial space of your own. Flexible zoning allows for Mixed use - turn into an OFFICE or have SHORT TERM RENTALS, etc. Endless possibilities await with this exceptional income-generating property in the heart of Central Ottawa, ideally positioned between Centretown, Chinatown, and Little Italy. A rare opportunity for investors, developers, and land bankers seeking strong cash flow today with substantial redevelopment potential tomorrow. Zoned TM14 H(20), this highly flexible zoning allows for a wide range of commercial, mixed-use, and multi-residential uses with building heights up to 20 metres, creating tremendous future upside in one of Ottawa's fastest-growing urban corridors. Situated on a 29 x 110 ft lot with 5 rear parking spaces, this property offers unbeatable convenience with a near-perfect Walk Score of 99/100. Steps to transit, employment hubs, restaurants, parks, shopping, and downtown amenities, this location continues to attract strong tenant demand and redevelopment interest. Currently configured with 7 (seven) fully furnished mid- to long-term residential tenants (formerly office use), accompanied by 2 shared kitchens and 2 shared bathrooms. The property has undergone over $100,000 in renovations to enhance tenant appeal and maximize rental performance. Potential gross income when fully rented: $116,832/year. Generate strong existing income while maintaining the flexibility to redevelop, reposition, expand, or hold as a long-term appreciation asset. Ideal for developers, commercial investors, multi-unit buyers, and those seeking a value-add opportunity with future intensification potential. Rarely do properties combine cash flow, premium urban location, zoning flexibility, parking, and development potential in one package. ALL SERIOUS OFFERS WELCOME. |
| Price | $938,000 |
| Taxes: | $12984.16 |
| Tax Type: | Annual |
| Occupancy: | Tenant |
| Address: | 474 SOMERSET Street West , Ottawa Centre, K1R 5J8, Ottawa |
| Postal Code: | K1R 5J8 |
| Province/State: | Ottawa |
| Legal Description: | PT LT 25, PL 27267 , S/S SOMERSET ST AS |
| Lot Size: | 8.84 x 110.00 (Feet) |
| Directions/Cross Streets: | In between - Kent Street and Lyon Street |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 0 | |
| Washroom Type 2 | 0 | |
| Washroom Type 3 | 0 | |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 | |
| Washroom Type 6 | 0 | |
| Washroom Type 7 | 0 | |
| Washroom Type 8 | 0 | |
| Washroom Type 9 | 0 | |
| Washroom Type 10 | 0 |
| Category: | Office |
| Building Percentage: | T |
| Total Area: | 2809.00 |
| Total Area Code: | Square Feet |
| Retail Area Code: | % |
| Washrooms: | 0 |
| Heat Type: | Gas Forced Air Close |
| Central Air Conditioning: | Yes |
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| RE/MAX HALLMARK REALTY GROUP |
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At a Glance:
| Type: | Com - Investment |
| Area: | Ottawa |
| Municipality: | Ottawa Centre |
| Neighbourhood: | 4103 - Ottawa Centre |
| Lot Size: | 8.84 x 110.00(Feet) |
| Tax: | $12,984.16 |
| Fireplace: | N |
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