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$ 1,475,000
Est. payment /mo
Price Dropped by $120K
1240 BANK ST Glebe - Ottawa East And Area, ON K1S 3Y3
2 Baths
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial Retail
Listing Status Active
Purchase Type For Sale
Subdivision 4403 - Old Ottawa South
MLS Listing ID X12254438
Annual Tax Amount $23,000
Tax Year 2025
Property Sub-Type Commercial Retail
Property Description
This property features a classic red brick storefront located in the bustling and vibrant section of Bank Street, situated in the heart of Old Ottawa South. The property spans nearly 4,000 square feet, distributed over two above-grade floors, with an additional full-height basement that is also utilized for retail display purposes. The main and second floors boast approximately 9-foot ceilings, while the basement features an 8-foot ceiling height. Situated in a well-established downtown community, the property is conveniently located just south of The Glebe and Lansdowne Park, and north of Billings Bridge, with close proximity to the Transitway. The well-established streetscape is poised for significant redevelopment, with several adjacent large land parcels demonstrating exceptional potential for future development. According to the new draft Zoning Bylaw, the property is eligible for development up to nine storeys, contingent upon the lot depth. A laneway off Chesley Street provides access to the rear of the property for loading and parking. This laneway is fully fenced and enclosed in the section directly behind this property, offering an additional 10 feet in depth which is currently used exclusively. Recent environmental assessments (Phase 1 and 2) conducted by Pinchin in 2023 confirm the property is clean. The interior features large open spaces and is equipped with two electrical services, including a 600-volt service. The property has been commercially rewired in the past, and various building modifications and improvements were undertaken. The property is equipped with two forced air furnaces, both featuring central air conditioning.
Location
Province ON
County Ottawa
Area Ottawa
Zoning TM2
Interior
Cooling Yes
Exterior
Utilities Available Yes
Lot Frontage 39.67
Lot Depth 89.89
Others
Security Features No
ParcelsYN No
Virtual Tour https://www.freeottawainfo.com/1240bankbrochure.pdf
Listed by RE/MAX HALLMARK REALTY GROUP
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