21 & 23 KING STREET E
Cobourg, Ontario
MLS® X13798450
$1,100,000
- Status
- Active
- Property type
- Business
- MLS® number
- X13798450
- Bedrooms
- 9
- Bathrooms
- 4
- Year built
- —
1 / 3Listing description
10. 23% CAP RATE. EXCEPTIONAL DOWNTOWN INVESTMENT OPPORTUNITY!
5,760 Sq Ft Brick, 14-bedroom 4 Kitchen 4 Bath Boarding/Rooming House configured across 2 substantial semi-detached Historic Residences in a sought-after Lake Ontario heritage downtown. A compelling income property offering investors strong cash flow today PLUS intriguing future potential. Continue the established income-producing use or explore opportunities to revamp and reposition these 2 historic residences.
Potential concepts may include a boutique hotel/inn, mixed-use commercial/residential, live/work spaces, private residence townhomes or traditional rental units (subject to zoning, municipal & other required approvals.) The property zoning is MC with Exception & benefits from a legally protected non-conforming status related to its historic use, offering Buyers the option to investigate future possibilities for commercial &/or residential use - or simply continue the existing use. Superb LOCATION!!!
Situated in a vibrant historic tourist & destination downtown on the shores of Lake Ontario, close to the Beach, Waterfront, Marina, Parks, Boardwalk, shops, restaurants & amenities. Character details throughout. Orig Banister Staircase, Wood Flooring, High Ceilings, Pocket Doors, Crown Molding, Covered front Porch.
Approx. 100 km from Toronto with VIA Rail service in town & Hwy 401 nearby. 2 Furnaces with Gas heat.
2 Gas Hot Water Tanks. Rents are all-inclusive. Income & Expense Statement + Floor Plans available.
A rare opportunity combining immediate income, approx. 10. 23% cap rate, 5,760 Sq Ft, established legal use & future repositioning potential in an exceptional downtown location 100KM to Toronto and steps to the lakefront.
Gross Income: $14,000/M | $168,000/Yr. Expenses: $4,626. 33/M | $55,515.
96/Yr. Net Income: $9,373. 67/M | $112,484.
04/Yr. Approx. 10.
23% CAP RATE at current list price, based on Seller-provided income & expenses. Phase 1 ESA avail. 2 Semi-Det Homes.
2850 approx. Sqft Each.
Property summary
- MLS® number
- X13798450
- Property type
- Business
- Square footage
- 5,700 sq ft
- Land size
- 40.95 x 165 FT
- Annual property taxes
- $6,916.03
- Parking
- 1 space
- Days on market
- 3 days
Features & details
- Heating
- Forced air, Natural gas
- Cooling
- None
- Appliances
- Window Coverings, Water Heater
- Lot features
- Irregular lot size
What would this home cost you?
Based on the $1,100,000 asking price at a 5.00% example rate, semi-annual compounding.
Renanza Realty Inc. can represent you on this property — send an enquiry to arrange a private viewing.
Listing courtesy of Century 21 United Realty Inc., Cobourg.
The listing data displayed here is provided in part by the Canadian Real Estate Association (CREA) through its Data Distribution Facility (DDF®) and is drawn from Boards and Associations across Canada. Information is deemed reliable but is not guaranteed accurate by CREA. The listings are held by brokerages other than Renanza Realty unless otherwise noted.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.