$1,100,000
Available - For Sale
Listing ID: X13798142
21 & 23 King Street East , Cobourg, K9A 1K6, Northumberland
| 10.5% 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. 10.5% 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 |
| Occupancy: | Tenant |
| Address: | 21 & 23 King Street East , Cobourg, K9A 1K6, Northumberland |
| Acreage: | < .50 |
| Directions/Cross Streets: | Division St And King St E |
| Rooms: | 14 |
| Bedrooms: | 9 |
| Bedrooms +: | 0 |
| Family Room: | T |
| Basement: | Partial Base, Unfinished |
| Level/Floor | Room | Length(ft) | Width(ft) | Descriptions | |
| Room 1 | Main | Family Ro | 19.38 | 12.99 | Hardwood Floor, Pocket Doors |
| Room 2 | Main | Primary B | 17.25 | 15.32 | Hardwood Floor, Pocket Doors, Crown Moulding |
| Room 3 | Main | Kitchen | 12.56 | 10 | Laminate, W/O To Deck, Eat-in Kitchen |
| Room 4 | Main | Dining Ro | 17.25 | 15.32 | Hardwood Floor, Formal Rm, Crown Moulding |
| Room 5 | Main | Living Ro | 19.38 | 12.73 | Hardwood Floor, Separate Room |
| Washroom Type | No. of Pieces | Level |
| Washroom Type 1 | 4 | Main |
| Washroom Type 2 | 2 | Main |
| Washroom Type 3 | 4 | Second |
| Washroom Type 4 | 0 | |
| Washroom Type 5 | 0 |
| Total Area: | 0.00 |
| Approximatly Age: | 100+ |
| Property Type: | Multiplex |
| Style: | 3-Storey |
| Exterior: | Brick |
| Garage Type: | None |
| (Parking/)Drive: | Private |
| Drive Parking Spaces: | 1 |
| Park #1 | |
| Parking Type: | Private |
| Park #2 | |
| Parking Type: | Private |
| Pool: | None |
| Approximatly Age: | 100+ |
| Approximatly Square Footage: | 5000 + |
| Property Features: | Beach, Marina |
| CAC Included: | N |
| Water Included: | N |
| Cabel TV Included: | N |
| Common Elements Included: | N |
| Heat Included: | N |
| Parking Included: | N |
| Condo Tax Included: | N |
| Building Insurance Included: | N |
| Fireplace/Stove: | N |
| Heat Type: | Forced Air |
| Central Air Conditioning: | None |
| Central Vac: | N |
| Laundry Level: | Syste |
| Ensuite Laundry: | F |
| Sewers: | Sewer |
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| Century 21 United Realty Inc. |
|
|
Maria Tompson
Sales Representative
Dir:
1-866-382-2968
Bus:
416-548-7854
Fax:
416-981-7184
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At a Glance:
| Type: | Freehold - Multiplex |
| Area: | Northumberland |
| Municipality: | Cobourg |
| Neighbourhood: | Cobourg |
| Style: | 3-Storey |
| Approximate Age: | 100+ |
| Tax: | $6,916.03 |
| Beds: | 9 |
| Baths: | 4 |
| Fireplace: | N |
| Pool: | None |
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