575 Somerset Street
Ottawa Centre, ON
- 4 bath
- Investment
- 125 days on market
Rare dual-opportunity in the heart of Centretown. Buy cash flow today, build tomorrow. Three tenanted units generating verified income with a vacant basement offering additional income potential. Included is a complete, permit-ready 10-unit redevelopment package - full architectural, servicing, grading, electrical and tree reports. Building and demolition permits submitted to the City of Ottawa; first-round review complete with standard infill comments issued. Buyers can revise or proceed to resubmission under their own name. Set up for MLI Select financing: up to 95% LTV and 50-year amortization. Accessible lift included in plans with potential to add 2 additional storeys. 33' x 112' lot. 4 parking spaces. Walking distance to Bank St, Elgin, and Little Italy. Close to grocery, retail, dining, transit and LRT. Unit mix: 2 x 2-bedroom, 1 x 1-bedroom (tenanted) + basement unit (vacant). Permit-ready package, architectural drawings, and financials available. Contact listing agent for data room access.
Listing Details
- Taxes (2026)
- $7,562
- Listed
- April 30, 2026
Price History
Property
- Lot Size
- 33 x 112.5 Feet
Parking
- Garage
- Outside/Surface
Location & Legal
- Cross Street
- Lyon St N and Bay St.
- Zoning
- H1 H(16.5)
- Parcel Number
- 041210047
- Possession
- Immediate
- Occupancy
- Tenant
Commercial
- Business Type
- Apts - 2 To 5 Units
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
- 371
- Median days on market
- 32
- Sale-to-list price
- 97.1%
Based on 371 recorded sales of commercial properties in Ottawa Centre over the last 12 months.
Listed by
PARADIGM COMMERCIAL REAL ESTATE & BROKERAGE INC.
Walk Score
Walk Score is unavailable for this address right now.
Location
Street View
Commercial figures
- Annual property tax
- $7,562
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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