39 King Street West, Cobourg - Multi-family for Sale
39 King Street West, Cobourg, Ontario, K9A2M1
5 baths3 parking4,390 ft²22 × 116 ft (2,573 sq ft) lot sizeListed 12 days ago
Overview
This multi-family property in Cobourg is for sale offering roughly 4,390 sq ft of space. It has been on the market 12 days, fresher than the Cobourg average of 81 days.
$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. (id:66096)
Property Details
MLS®
X14110610
Property Type
Multi-family
Business Type
Residential
Zoning
MC
Bathrooms
5
Parking
3
Interior Size
4,390 ft²
Lot Size
22 × 116 ft (2,573 sq ft)
Frontage
22 ft
Heating
Forced air, Natural gas
Cooling
Fully air conditioned
Property Tax
$8,916/yr
Listed
12 days ago
Features
Appliances
Water Heater
Services
Water
Municipal water
Features and services as supplied by the listing brokerage.
Market Timing
Days on market
12d
Cobourg listings, avg age
81d
Price / ft²
$296
List price
$1.30M
Active: 12 days on market, against an average age of 81 days across the listings currently for sale in this city
Market timing · days on market0 → 81d avg age of current listings
Active · day 12
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.
Haho
This multi-family in Cobourg has been listed for 12 days, which is 69 days fresher than the city average of 81. Act while there is still low competition.
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