638-640 Somerset Street
Ottawa Centre, ON
- 2,200 sqft
- Commercial Retail
- 157 days on market
NEW PRICE today - great opportunity to live in or cash flow. Prime mixed-use opportunity in the heart of Centretown. This detached 2-storey property offers flexible TM zoning allowing for residential, commercial, or mixed-use, making it ideal for investors, business owners, or live/work scenarios. Currently configured as two self-contained units and a bonus accessory unit with a separate vestibule entrance, with the option to convert to a 4-bedroom residential layout.Positioned on a 110 ft deep lot with ample on-site parking, this well-maintained building is clean, functional, and full of upside. The main level was previously operated as a restaurant and is set up to meet fire and safety requirements (buyer to verify), while the upper unit features a private balcony. The property also includes a dry basement, adding usable storage or future potential.Recent updates include over $80,000 in upgrades and major components such as roof, furnace, and A/C (approx. 2013-2014). According to MPAC, the property is recognized as a triplex with residential and commercial/industrial use, providing strong long-term flexibility and redevelopment potential.Unbeatable location just steps to Little Italy, Chinatown, LeBreton Flats, and within walking distance to the LRT, offering excellent access to transit, amenities, and future growth.Investor bonus: opportunity to acquire the neighbouring property for a potential land assembly.A rare, versatile asset in a high-demand urban corridor. Great for an investment now, maybe a owner-operated unit in the future!
Listing Details
- Taxes (2025)
- $5,936
- Originally Listed
- $880,000
- Listed
- April 3, 2026
Price History
Property
- Lot Size
- 26.21 x 110.01 Feet
Parking
- Garage
- None
Location & Legal
- Cross Street
- 417 to Bronson North Turn Right (East) on Somerset.
- Zoning
- TM(2185) H (16)
- Parcel Number
- 041210444
- Possession
- Flexible
- Occupancy
- Tenant
Commercial
- Business Type
- Service Related
Included
- Inclusions
- most appliances
- Rental Items
- hot water tanks
Community
Postal area K1R
- Population
- 20,343
- Private dwellings
- 12,836
- Median age
- 36
- Average household size
- 1.7
- Median household income
- $74,000
Source: Statistics Canada, 2021 Census of Population, catalogue 98-401-X2021013. Adapted from Statistics Canada. This does not constitute an endorsement by Statistics Canada of this product.
Local market
Commercial in Ottawa Centre · last 12 months
- Median sold price
- $450,000
- Homes sold
- 373
- Median days on market
- 32
- Sale-to-list price
- 97.1%
Based on 373 recorded sales of commercial properties in Ottawa Centre over the last 12 months.
Listed by
RE/MAX HALLMARK REALTY GROUP
Walk Score
Walk Score is unavailable for this address right now.
Location
Street View
Commercial figures
- Building area
- 2,200 sq ft
- Price per sq ft
- $363.18
- Annual property tax
- $5,936
- Tax per sq ft
- $2.70
Derived from the listing's own figures. Taxes are as reported by the listing brokerage and may be a prior year.
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