21 & 23 King Street East, Cobourg - Business for Sale
21 & 23 King Street East, Cobourg, Ontario, K9A1K6
This business in Cobourg is for sale offering roughly 5,700 sq ft of space. It has been on the market 49 days, fresher than the Cobourg average of 80 days.
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. (id:66096)
Property Details
- MLS®
- X13798450
- Property Type
- Business
- Zoning
- MC Exception for legal non-conforming use
- Bedrooms
- 9
- Bathrooms
- 4
- Parking
- 1
- Interior Size
- 5,700 ft²
- Lot Size
- 41 × 165 ft (6,757 sq ft)
- Frontage
- 40 ft
- Heating
- Forced air, Natural gas
- Cooling
- None
- Property Tax
- $6,916.03/yr
- Listed
- 49 days ago
Features
- Appliances
- Window Coverings, Water Heater
- Lot Features
- Irregular lot size
Services
- Water
- Municipal water
Features and services as supplied by the listing brokerage.
Market Timing
Long Listed: 49 days on market, against an average age of 80 days across the listings currently for sale in this city
Homes here sell close to asking price
Homes in this market sold for an average of 97.6 percent of their asking price over the past year, above the 96.4 percent median across the markets we publish.
This 9-bed business in Cobourg has been listed for 49 days, which is 31 days fresher than the city average of 80. Act while there is still low competition.
Location
Approximate location — exact address confirmed upon showing
Nearby Places
Neighbourhood profile (K9A)
This home lists at $1,100,000, about 13.4× the local median household income of $82,000.
Carrying it typically needs a household income of about $214,869 (20% down, 25-yr amortization, stress-tested) — roughly 162% above the area median.
- Median household income
- $82,000
- Population
- 26,757
- Median age
- 53.2
- Owner / renter
- 74% / 26%
- Avg. household size
- 2.3
Source: Statistics Canada, 2021 Census (FSA K9A)
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$1,100,000
Cobourg