Calling all investors, developers, and builders! *R5B zoning* Rare opportunity to own a prime property in the heart of downtown Ottawa, surrounded by shops, restaurants, the ByWard Market, University of Ottawa, government offices, and just steps to major employers, public transit, and the new LRT station. This property sits on a 33' x 99' lot with highly desirable *R5B zoning*, allowing for a wide range of residential and commercial uses. The existing 1.5-storey mixed-use building offers approximately 4,400 sq. ft. of gross building area (GBA), including a main floor retail or office space of approx. 1,320 sq. ft., a residential apartment above, and additional rooms in the lower level. The current setup provides immediate income with further upside through renovations, reconfiguration, or redevelopment. The property features four onsite parking spaces that can be rented at $250/month each, adding $12,000 annually to revenues. The residential unit upstairs can be rented, and additional rooms can be optimized to generate significantly more income up to $4,500/month with renovations. The main commercial space has rental potential in the range of $50 to $80 per sq. ft., positioning this property for excellent returns. With all income streams combined, the projected gross annual income can reach approximately $158,400, translating to a net income potential of $140,000+ per year. Additional highlights include a mix of carpet and wood flooring, street parking in addition to onsite spaces, and outstanding visibility along busy O'Connor Street. This is an exceptional revenue property whether you are looking for a stable income-generating asset, a redevelopment site, or both, this property delivers outstanding value and opportunity in one of Ottawa's most sought-after downtown corridors. (id:19004)
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