39 KING STREET W
Cobourg, Ontario
MLS® X14110610
$1,299,000
- Status
- Active
- Property type
- Multi-family
- MLS® number
- X14110610
- Bedrooms
- —
- Bathrooms
- 5
- Year built
- —
Listing description
$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.
Property summary
- MLS® number
- X14110610
- Property type
- Multi-family
- Building type
- Multi-Family
- Size
- 4,390 sq ft
- Land size
- 22.26 x 115.6 FT
- Annual property taxes
- $8,916.00
- Parking
- 3 spaces
- Days on market
- 8 days
Features & details
- Heating
- Forced air, Natural gas
- Cooling
- Fully air conditioned
- Appliances
- Water Heater
What would this home cost you?
Based on the $1,299,000 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.