39 KING STREET W, Cobourg, Ontario, K9A2M1
$99,600 ANNUAL GROSS INCOME. APPROX. 6% CAP RATE. 4 INCOME STREAMS! An established, fully occupied mixed-use Commercial Residential FREEHOLD Brick Multi Unit in the heart of historic Downtown Cobourg. An attractive 4,390 sq. ft. brick building combining a prominent King Street retail storefront with 3 residential apartments, offering diversified income, immediate cash flow & manageable ownership. Approx. $78,719 annual Net Operating Income represents a 6.06% CAP RATE at the $1,299,000 asking price, based on supplied expenses, excluding vacancy, management & capital reserves. The commercial tenant pays $3,000/month base rent PLUS $700/month TMI, with a 3-year lease commencing March 2025. The bright 1,161 sq. ft. storefront offers excellent visibility, large display windows, high ceilings & flexible retail space, PLUS approx. 1,161 sq. ft. lower level with office, storage, laundry hookups, 2-pc bath & walkout access. Three residential apartments occupy the upper floors, with independent access & separate hydro meters. Current residential rents total $4,600/month, with month-to-month tenancies. Tenants pay their own electricity. Significant improvements include a 2016 membrane roof, 2016 residential furnace, 2018 hot water tank & 2024 fire retrofit. Two furnaces, separate hot water systems, multiple entrances & 3 rear parking spaces add functionality. Potential rear patio with plans available, subject to approvals. PRIME DOWNTOWN LOCATION steps to Victoria Hall, shops, restaurants, VIA Rail, Marina, Beach & Lake Ontario waterfront. Approx. 100 km east of Toronto. A STABILIZED INCOME PROPERTY OFFERING ESTABLISHED TENANCIES, DIVERSIFIED REVENUE & LONG-TERM OWNERSHIP VALUE IN A DESIRABLE WATERFRONT COMMUNITY. Call for Income & Expenses & floor plans. (id:2471)
BALL Real Estate Inc., Brokerage - Haliburton
- Property Address: 39 KING STREET W, Cobourg, Ontario, K9A2M1
- Community Name: Cobourg
- Property Type: Multi-family
- Zoning Description: MC
- Lot Size: 22.26 x 115.6 FT
- Acreage: 22.26 x 115.6 FT
- Water Type: Municipal water
- Total Parking Spaces: 3
- Structure Style: Multi-Family
- Floor Space: 4390 sqft
- Building Age: 100+ years
- Bathrooms: 5-Total
- Heating Type: Natural gas, Forced air
- Cooling: Fully air conditioned
- Appliances Included: Water Heater
Listing Office: Century 21 United Realty Inc.
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