474 SOMERSET STREET W, Ottawa, Ontario, K1R5J8

Property Description

HIGH-RETURN INVESTMENT | PRIME CENTRETOWN LOCATION | DEVELOPMENT POTENTIAL. With a walk score of 99/100, this Unique opportunity in the heart of Centretown, Central Ottawa - a high-performing commercial-residential investment property offering strong existing income with exceptional future development upside. Zoned TM14 H(20), this flexible zoning permits a wide range of commercial, mixed-use, and multi-residential possibilities with allowable building heights up to 20 metres, making this an attractive acquisition for developers and long-term investors alike.Situated on a 29 x 110 ft lot with 5 rear parking spaces, the property benefits from unbeatable urban walkability surrounded by transit, employment hubs, parks, restaurants, and downtown amenities - a location consistently in demand with tenants and future redevelopment prospects.The property is currently operated as individual residential rentals and has undergone over $100,000 in renovations, optimizing rental performance and tenant appeal. It generates strong cash flow while providing investors flexibility to reposition, redevelop, or hold for long-term appreciation.Financial Highlights: Potential Gross Income (when fully rented): $116,832/year Expenses: $29,664.15/year Net Operating Income (NOI): $87,165.85/year. The asset benefits from continued rental demand driven by Ottawa's population growth and urban intensification, making it ideal for investors seeking both immediate income and future upside.A rare opportunity to secure a high-yield property in one of Ottawa's most desirable urban investment corridors.Contact listing agent for financials, additional photos, and private viewing. *Offers welcome* (id:64974)

Quick Facts

• Property Type: Offices
• Bedrooms: None
• Bathrooms: None
• Living Area: 2,809 sq ft (261.0 m²)
• Parking: 5 spaces
• Frontage: 29 ft (8.8 m)

Costs

• Annual Taxes: $12,984.16

Listing Provided by: RE/MAX HALLMARK REALTY GROUP
Board: Ottawa Real Estate Board
Data provided via CREA DDF®.