$449,900
West Grey
131-133 Garafraxa Street South, West Grey, Ontario, N0G1R0
This retail property in West Grey is for sale offering roughly 2,743 sq ft of space. It has been on the market 35 days, fresher than the West Grey average of 92 days.
Welcome to 131-133 Garafraxa Street South, an intriguing investment opportunity in downtown Durham, in the heart of Grey County. The property is widely known, and fondly remembered locally as the home of the Garafraxa Cafe, a coffee bar/pub providing a comfortable and popular gathering place for local residents and tourists alike. The Cafe served a variety of 'lite bites", and an assortment of specialty coffees and locally crafted beers, ciders and wines. It also offered a full stage, complete with a professional lighting and sound system, which regularly played host to theatrical and musical performances. For an interested buyer, there is a turnkey opportunity to re-open the Cafe (which public sentiment suggests would be warmly welcomed), as all of the operating assets remain on the premises and are included in the sale. But if operating a cafe isn't for you, fear not! This impressive property, with its high ceilings, updated mechanicals and ideal central location with plenty of vehicle and pedestrian traffic, offers a host of other opportunities for either an investor/landlord or an owner/operator. Zoned C1 - General Commercial, the property is eligible for a variety of permitted uses (See Documents tab for zoning bylaw details), from business/professional office space 0r a medical clinic, to a bakery or a specialty food or other retail store. Complementing the street level, the second floor features a spacious 3 bedroom, 1-1/2 bath apartment, flooded with natural light from 3 sides, as the property to the north is only 1 storey. The apartment has a separate entrance from the street and a walkout to a private, fenced backyard. Currently owner-occupied, it will be vacant on closing, so you can live in, or enjoy a secondary source of rental income at market rates. This property must be seen to be fully appreciated. (id:66096)
Features and services as supplied by the listing brokerage.
Extended: 35 days on market, against an average age of 92 days across the listings currently for sale in this city
Homes here sell slower than most markets
Sold homes in this market spent an average of 70 days on the market over the past year, against a median of 48 days across the markets we publish.
This retail in West Grey has been listed for 35 days, which is 57 days fresher than the city average of 92. Act while there is still low competition.
Approximate location — exact address confirmed upon showing
This home lists at $449,900, about 5.4× the local median household income of $83,000.
Carrying it typically needs a household income of about $87,881 (20% down, 25-yr amortization, stress-tested) — roughly 6% above the area median.
Source: Statistics Canada, 2021 Census (FSA N0G)
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