474 SOMERSET Street
Ottawa Centre, ON
- 2,809 sqft
- Investment
- 106 days on market
HIGH-RETURN INVESTMENT | PRIME CENTRETOWN LOCATION | DEVELOPMENT POTENTIAL | MIXED-USE ZONING. 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.
Listing Details
- Taxes (2025)
- $12,984
- Listed
- May 23, 2026
Price History
Listing history
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Property
- Lot Size
- 29 x 110 Feet
Parking
- Garage
- None
Location & Legal
- Cross Street
- In between - Kent Street and Lyon Street
- Zoning
- TM14 H
- Parcel Number
- 041200075
- Possession
- Immediate
- Occupancy
- Tenant
Included
- Inclusions
- All furniture for furnished units
- Exclusions
- TENANT BELONGINGS
- Rental Items
- 2 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
Transit
Bike
Scores by Walk Score®
Location
Street View
Commercial figures
- Building area
- 2,809 sq ft
- Price per sq ft
- $333.93
- Annual property tax
- $12,984
- Tax per sq ft
- $4.62
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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