474 SOMERSET Street W, Ottawa Centre, ON K1R 5J8
Ottawa Centre
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.
Estimate only - excludes property tax, condo fees, utilities and home insurance. Rates vary by lender and term; based on semi-annual compounding.
Walkability, transit, and bike-friendliness for 474 SOMERSET Street W, Ottawa Centre, ON K1R 5J8
Provided by Walk Score®. Walk Score, Transit Score, and Bike Score are trademarks of Walk Score.
MLS# X13167240
Listed by RE/MAX HALLMARK REALTY GROUP
On market since May 24, 2026
474 SOMERSET Street W, Ottawa Centre, ON K1R 5J8 is listed for $938,000 CAD.
474 SOMERSET Street W, Ottawa Centre, ON K1R 5J8 is a Investment, 2,809 sq ft.
474 SOMERSET Street W, Ottawa Centre, ON K1R 5J8 is in Ottawa Centre, Ontario.
474 SOMERSET Street W, Ottawa Centre, ON K1R 5J8 is currently for sale.
Contact Michael Mezheritsky at +1 (416) 716-4439 to arrange a private showing of 474 SOMERSET Street W, Ottawa Centre, ON K1R 5J8 (MLS# X13167240). You can also send a message through the contact form on this site.
