474 Somerset St W 2,353 SF 100% Leased Office Building Ottawa, ON K1R 5J8 $838,000 CAD ($356.14 CAD/SF)

This property presents an exceptional investment opportunity in the heart of Ottawa’s Centretown, nestled between Chinatown and Little Italy along one of the city’s most vibrant urban corridors. Priced at $938,000, the property is positioned on a 29-foot by 110-foot lot and includes five rear parking spaces. Zoned TM14 H(20), it offers remarkable flexibility for a range of commercial, mixed-use, or multi-residential developments with allowable building heights of up to 20 meters. This zoning unlocks significant potential for future redevelopment in line with Ottawa’s intensification plans.
Currently configured for income generation, the building accommodates seven fully furnished residential units (previously office use) supported by two shared kitchens and two bathrooms. Over $100,000 in renovations have been completed to elevate the property’s appeal, providing both immediate rental revenue and long-term value-add prospects. Potential gross income when fully occupied is estimated at $116,832 annually, positioning the property as a rare hybrid of strong cash flow and redevelopment upside.
Located in a highly walkable area with a near-perfect walk score of 99, this property benefits from proximity to employment hubs, retail corridors, parks, public transit, and major downtown amenities. It is an unmatched fit for developers, investors, and owner-users seeking substantial appreciation prospects in a rapidly evolving submarket.