474 Somerset Street W,Ottawa, ON K1R5J8
Ottawa, ON K1R5J8
Description
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. (id:13843)
Details
| MLS # | X13732866 |
|---|---|
| Listing Type | For Sale |
| Style | Offices |
| Status | Active |
| Days On Site | 54 |
| Listing Provided By | RE/MAX HALLMARK REALTY GROUP | Moe McIlwain |
Features
| SQ Feet | 2,809 |
|---|---|
| Zoning | TM14 H |
Interior
| Cooling | Fully air conditioned |
|---|---|
| Heating | Forced air, Natural gas |
| Appliances | All |
| Fireplace Yes / No | No |
Parking
| Parking Total | 5 |
|---|
Utilities
| Water Source | Municipal water |
|---|
Taxes
| Tax Annual Amount | 12984.16 |
|---|
Area Information
| Province | ON |
|---|---|
| City | Ottawa |
| Postal Code | K1R5J8 |
| Listing VS Median (in K1R5J8) | |
Price: $938,000 low | high Med: $938,000 sqft: 2,809 low | high Med: 2,809 $ / sqft: $334 low | high Med: $334 On site: 54 low | high Med: 54 | |
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Learn More About This Property
| Province | ON |
|---|---|
| City | Ottawa |
| Postal Code | K1R5J8 |
| Listing VS Median (in K1R5J8) | |
Price: $938,000 low | high Med: $938,000 sqft: 2,809 low | high Med: 2,809 $ / sqft: $334 low | high Med: $334 On site: 54 low | high Med: 54 | |
