Salehian.com 647-325-5000

474 SOMERSET Street W

4103 - Ottawa Centre, Ottawa Centre, K1R 5J8

$938,000

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Listed 49 days ago · MLS® X13732866

About this home

Location, Location, Location! Transform this high visibility asset into Commercial space of your own. Flexible zoning allows for Mixed use - turn into an OFFICE or have SHORT TERM RENTALS, etc. 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. ALL SERIOUS OFFERS WELCOME.

Details

Type
Investment
Lot
29 × 110 ft
Garage
None
Property tax
$12,984 (2025)
Neighbourhood
4103 - Ottawa Centre
Municipality
Ottawa Centre

Heating, cooling and services

Heating
Gas Forced Air Closed
Air conditioning
Yes
Utilities
Yes

Building and exterior

Building area
2,809 Square Feet

More

Possession
IMMEDIATE
Cross street
In between - Kent Street and Lyon Street

History of this address

1 earlier listing at this address, with sold and leased prices. Create a free account or sign in to see them.

Location

Location is approximate. See nearby homes on the map

Recent sales nearby

See what similar homes within 1 km sold for in the last year. Create a free account or sign in to see them.

The neighbourhood

Getting around Very walkable

  • 🚇 Lyon LRT11 min walk
  • 🚇 Parliament LRT13 min walk

Within a 10-minute walk: 8 grocery stores, 223 cafés and restaurants, 9 parks, 18 pharmacies. Nearest grocery: Your Independent Grocer (250 m). Nearest park: Dundonald Park (150 m).

Schools nearby

Elementary

  • Centennial Public School
    EQAO: Gr 6 reading 79%, math 32%    7 min walk
  • Elgin Street Public School
    EQAO: Gr 6 reading 96%, math 84%    12 min walk
  • Cambridge St Community Public School
    EQAO: Gr 6 reading 77%, math 23%    13 min walk
  • St. Anthony School Catholic
    EQAO: Gr 6 reading 70%    17 min walk

Secondary

  • St. Patrick's Adult School Catholic4 min walk
  • Reality Check8 min walk
  • Richard Pfaff Secondary Alternate Program8 min walk

EQAO: share of students meeting the provincial standard (2024–25). Ontario average: Gr 6 reading 86%, math 51%; Gr 9 math 55%; literacy test 83%.

Closest schools, not school zones. Check which school serves this address with the school board before relying on it.

Who lives here postal area K1R

Owners / renters
31% / 69%
Median household income
$74,000
Average age
40
Children under 15
8%
Homes
6% detached, 49% high-rise
Commute by transit
18%
Population
20,343

Languages spoken most at home besides English: Yue (Cantonese) 1.6%, Vietnamese 1.4%, Mandarin 1.2%, Arabic 1%.

Safety

Crime Severity Index for Ottawa police: 52 vs 57 for Ontario (2025).

Police-reported figures for the whole police service area, not this street. Rates use the area’s resident population.

Distances are approximate. Places © OpenStreetMap contributors. Neighbourhood figures: Statistics Canada, 2021 Census. School results: EQAO via Ontario Data Catalogue (Open Government Licence – Ontario). Crime Severity Index: Statistics Canada.

Living here

Commute

To downtown Ottawa: 1 km. Transit times · Driving times

Noise Nothing major nearby

No highway within 500 m, rail line within 300 m, or airport flight path nearby.

Distances from the map, not noise measurements. Visit at rush hour to judge for yourself.

Internet High-speed

50/10 Mbps or faster available here by cable, fibre or DSL (the federal high-speed target).

From the federal broadband map. Check exact speeds and providers for the address.

Roads, rail, airports and planned stations © OpenStreetMap contributors. Internet: Innovation, Science and Economic Development Canada, National Broadband Data.

Listed by RE/MAX HALLMARK REALTY GROUP.

Listing information provided by PropTx Innovations Inc. and TRREB; deemed reliable but not guaranteed accurate by PropTx.

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