575 Somerset Street W
575 Somerset Street W
$995,000
68 days on market
About This Listing
Rare dual-opportunity in the heart of Centretown. Buy cash flow today, build tomorrow. Three tenanted units generating verified income with a vacant basement offering additional income potential. Included is a complete, permit-ready 10-unit redevelopment package - full architectural, servicing, grading, electrical and tree reports. Building and demolition permits submitted to the City of Ottawa; first-round review complete with standard infill comments issued. Buyers can revise or proceed to resubmission under their own name. Set up for MLI Select financing: up to 95% LTV and 50-year amortization. Accessible lift included in plans with potential to add 2 additional storeys. 33' x 112' lot. 4 parking spaces. Walking distance to Bank St, Elgin, and Little Italy. Close to grocery, retail, dining, transit and LRT. Unit mix: 2 x 2-bedroom, 1 x 1-bedroom (tenanted) + basement unit (vacant). Permit-ready package, architectural drawings, and financials available. Contact listing agent for data room access.
| Monthly Mortgage (P&I) | $4,335 |
| Property Tax (MLS) | $630 |
| Maintenance Fees | $0 |
| Total Monthly Cost | $4,965 |
Down payment: $199,000 (20.0%) · Mortgage: $796,000
Property tax uses MLS annual tax of $7,562/yr. Uses the standard Canadian semi-annual compounding convention. Estimates only—not a pre-approval or offer of credit. Actual rates and eligibility may vary. Provincial sales tax on mortgage insurance, when applicable, is not included. Consult a mortgage professional for accurate figures.
Property Details
Listing provided by PARADIGM COMMERCIAL REAL ESTATE & BROKERAGE INC.
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Data last updated: August 23, 2026 at 10:25 a.m.