Exceptional investment opportunity in one of Cobourg's established commercial corridors. This fully leased income producing property combines stable cash flow, future development potential and a highly desirable location with exceptional visibility and exposure. With over 5,000sq. ft., this building is home to three established commercial tenants, providing immediate rental income while minimizing vacancy risk. Situated on a high traffic route with 13 municipally allocated parking spaces, the property offers excellent accessibility for tenants and customers alike, a valuable feature that's increasingly difficult to find in Cobourg. Positioned within the LM-14 zoning designation, the property also presents future opportunities for investors. In addition to its existing commercial use, the property includes one residential zoning component and may offer the potential to add/convert a residential unit, subject to approval from the Town of Cobourg, creating an opportunity to further enhance revenue over time. The current owners have made substantial capital improvements throughout their ownership, including a steel roof, multiple ductless heating and cooling systems, renovated commercial spaces, updated kitchens and bathrooms, new flooring, doors, security upgrades, mechanical improvements and more. These investments provide peace of mind while reducing the likelihood of major capital expenditures in the near future. Whether you're expanding an investment portfolio, securing a long term commercial asset or looking for a property with additional upside, 66 Elgin Street West offers a compelling combination of reliable income, quality improvements and future potential in one of Northumberland County's strongest commercial markets. (id:66096)
Property Details
MLS®
X13572802
Property Type
Retail
Zoning
LM-14
Interior Size
5,100 ft²
Lot Size
5,100 sq ft (0.11 ac)
Frontage
75 ft
Heating
Baseboard heaters, Forced air, Natural gas, Other
Cooling
Fully air conditioned
Garage
Other
Property Tax
$18,508/yr
Listed
111 days ago
Services
Water
Municipal water
Features and services as supplied by the listing brokerage.
Market Timing
Days on market
111d
Cobourg listings, avg age
81d
Price / ft²
$215
List price
$1.10M
Long Listed: 111 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
Long Listed · day 111
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 retail in Cobourg is available now. Want me to connect you with the agent or keep you posted on any price updates?
Listed by RE/MAX Rouge River Realty Ltd. · Elaine Yates
Location
Approximate location — exact address confirmed upon showing
Nearby Places
Area context
Neighbourhood profile (K9A)
This home lists at $1,099,000, about 13.4× the local median household income of $82,000.
Carrying it typically needs a household income of about $214,673 (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)
$1,099,000· $215/ft²
For sale
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Financing
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