Address
474 Somerset Street W, Ottawa, ON
Price
$ 938,000
Property Attributes
- ID#X13732866
- TypeCommercial
- Listing Status Active
- MunicipalityOttawa
- CityOttawa
- Area4103 - Ottawa Centre
- Neighbourhood4103 - Ottawa Centre
- Postal CodeK1R 5J8
- Style
- Price$ 938,000
- Bedrooms0
- Bathrooms0
- Half Bathrooms0
- Sqr Footage2809
Data Source:
Canadian Real Estate Association (CREA)
Property 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. Contact listing agent for financials, additional photos, and private viewing. ALL SERIOUS OFFERS WELCOME. (id:7434)
General Features
| Property Type | Office |
|---|---|
| Zoning Description | TM14 H |
| CommunityName | 4103 - Ottawa Centre |
| Building Appliances | All |
| Building Cooling Type | Fully air conditioned |
| Location Description | Cross Streets: In between - Kent Street and Lyon Street. ** Directions: Bank St to Somerset St W (IN BETWEEN KENT ST AND LYON ST). |
| Parking Space Total | 5 |
| Building Type | Offices |
Interior Features
| Building Fireplace Present | False |
|---|---|
| Building Heating Type | Forced air |
| Building Heating Fuel | Natural gas |
| Living Area Range | 2809 |
Amenities
- Views
- New Construction
- Adult 55+
- Lease To Own
- No Strata Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in K1R 5J8
Price
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