474 SOMERSET STREET W, 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. (id:25961)
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Details
- Equipment: Water Heater
- Parking Spaces: 5
- Rental Equipment: Water Heater
- Transaction: For sale
- Zoning Description: TM14 H
Building
- Appliances: All
- Cooling: Fully air conditioned
- Fireplace Present: False
- Heating: Forced air
- Heating Fuel: Natural gas
- Size Exterior: 2809 sqft
- Size Interior: 2809 sqft
- Type: Offices
- Utility Water: Municipal water
Land
- Size Depth: 110 ft
- Size Frontage: 29 ft
- Size Irregular: Bldg=29 x 110 FT ; 0
This property for sale is located at 474 SOMERSET STREET W in Ottawa. It was last modified on October 19th 2026. Let us connect you with one of our real estate agents to schedule a viewing or to discover other Ottawa properties for sale.
Listing provided by RE/MAX HALLMARK REALTY GROUP
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