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. (id:25961)
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Rooms
| Level | Type | Dimensions |
|---|
Details
- Equipment: Water Heater
- Parking Spaces: 5
- Rental Equipment: Water Heater
- Transaction: For sale
- Zoning Description: TM14 H
Building
- Appliances: Furniture
- 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 Frontage: 29 ft
- Size Irregular: Bldg=29 x 110 FT ; 0
Listing provided by RE/MAX HALLMARK REALTY GROUP
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This REALTOR.ca listing content is owned and licensed by REALTOR® members of the Canadian Real Estate Association. This property for sale is located at 474 SOMERSET STREET W in Ottawa Ontario. It was last modified on May 24th, 2026. Contact the Stuewe Team to schedule a viewing or to discover other Ottawa real estate for sale.