474 SOMERSET Street W, Ottawa, ON
Ottawa Centre · K1R 5J8 · MLS X13732866
$938,000
New · For sale
About this property
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. Contact listing agent for financials, additional photos, and private viewing. ALL SERIOUS OFFERS WELCOME.
Included: all appliances except for tenant belongings
Property details
Style
Office
Lot
8.84 x 110 Feet
Parking
5
Garage
None
Heating
Gas Forced Air Closed
Cooling
Yes
Annual taxes
$12,984.16
Cross streets
In between - Kent Street and Lyon Street
Listed
2026-09-01
Brokerage
RE/MAX HALLMARK REALTY GROUP
Location
Listing information is supplied by third-party brokerage and listing data sources. Status, price and details can change without notice, are believed reliable but are not guaranteed, and must be independently verified. Shown for personal, non-commercial use. Not intended to solicit properties already listed with another brokerage. Full disclosures.
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