$1,100,000
Available - For Sale
Listing ID: X13798450
21 & 23 King Street East , Cobourg, K9A 1K6, Northumberland
| 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-fired boiler heat. Tenant rents currently all-inclusive. Income & Expense Statement + Floor Plans available. A rare opportunity combining immediate income, approx. 10.5% 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: $4,313.42/M | $55,361/Yr. Net Income: $9,686.58/M | $116,238.96/Yr. Approx. 10.23% CAP RATE at current list price, based on Seller-provided income & expenses. Phase 1 ESA available for review. 2 Brick Homes 2850 Sqft Each. |
| Price | $1,100,000 |
| Taxes: | $6916.03 |
| Tax Type: | Annual |
| Occupancy: | Tenant |
| Address: | 21 & 23 King Street East , Cobourg, K9A 1K6, Northumberland |
| Postal Code: | K9A 1K6 |
| Province/State: | Northumberland |
| Legal Description: | Pt Lt 3 Blk A Pl Caddy (Formerly Lt 16 C |
| Directions/Cross Streets: | Division St And King St E |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 0 | |
| Washroom Type 2 | 0 | |
| Washroom Type 3 | 0 | |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 |
| Category: | Accommodation |
| Use: | Other |
| Building Percentage: | T |
| Total Area: | 5700.00 |
| Total Area Code: | Square Feet |
| Approximatly Age: | 100+ |
| Management Expense: | 12000 |
| Net Income Before Debt: | $112484 |
| Expenses Actual/Estimated: | $Est |
| Sprinklers: | No |
| Washrooms: | 4 |
| Heat Type: | Gas Forced Air Close |
| Central Air Conditioning: | No |
| Sewers: | Sanitary+Storm |
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| Century 21 United Realty Inc. |
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|
Anne Saint-Amour
Sales Representative
Bus:
1-888-311-1172
| Book Showing | Email a Friend |
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At a Glance:
| Type: | Com - Investment |
| Area: | Northumberland |
| Municipality: | Cobourg |
| Neighbourhood: | Cobourg |
| Approximate Age: | 100+ |
| Tax: | $6,916.03 |
| Baths: | 4 |
| Fireplace: | N |
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