Space
Finished area and layout
- Building Area
- 4,390 sqft
- Bathrooms
- 5
+45 more
5
Bathrooms
4,390 sqft
Building Area
22.26 x 115.6 ft
Lot
3
Parking
Property Snapshot
Key details for this listing
MLS #X14110610
Property
Type, style and structure
- Type
- commercial
- Style
- investment / Mixed Use
- Ownership
- Freehold
Lot
Land, frontage and setting
About This Property
This 5-bathroom investment in Cobourg offers 4,390 sqft of building area on a 22.26 x 115.6 ft lot. The property has lot dimensions of 22.26 x 115.6 FT, zoned MC. The home features yes. Highlights include a 3-car garage.
MLS Remarks
$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:60351)
Full Listing Details
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