21 & 23 King Street E,Cobourg, ON K9A1K6
Cobourg, ON K9A1K6
Description
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 heat. 2 Gas Hot Water Tanks. Rents are all-inclusive. Income & Expense Statement + Floor Plans available. A rare opportunity combining immediate income, approx. 10.23% 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: $4,626.33/M | $55,515.96/Yr. Net Income: $9,373.67/M | $112,484.04/Yr. Approx. 10.23% CAP RATE at current list price, based on Seller-provided income & expenses. Phase 1 ESA avail. 2 Semi-Det Homes. 2850 approx. Sqft Each. (id:13843)
Details
| MLS # | X13798450 |
|---|---|
| Listing Type | For Sale |
| Status | Active |
| Days On Site | 47 |
| Listing Provided By | Century 21 United Realty Inc. | Denise Liboiron |
Features
| Bed(s) | 9 |
|---|---|
| Bath(s) | 4 Total |
| SQ Feet | 5,700 |
| Zoning | MC Exception for legal non-confo |
Interior
| Cooling | None |
|---|---|
| Heating | Forced air, Natural gas |
| Appliances | Window Coverings, Water Heater |
| Fireplace Yes / No | No |
Exterior
| Lot Features | Irregular lot size |
|---|
Parking
| Parking Total | 1 |
|---|
Utilities
| Water Source | Municipal water |
|---|
Taxes
| Tax Annual Amount | 6916.03 |
|---|
Area Information
| Province | ON |
|---|---|
| City | Cobourg |
| Postal Code | K9A1K6 |
| Listing VS Median (in K9A1K6) | |
Price: $1,100,000 low | high Med: $2,912 sqft: 5,700 low | high Med: 2,000 $ / sqft: $193 low | high Med: $1 On site: 47 low | high Med: 49 | |
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Learn More About This Property
| Province | ON |
|---|---|
| City | Cobourg |
| Postal Code | K9A1K6 |
| Listing VS Median (in K9A1K6) | |
Price: $1,100,000 low | high Med: $2,912 sqft: 5,700 low | high Med: 2,000 $ / sqft: $193 low | high Med: $1 On site: 47 low | high Med: 49 | |
 | $1,299,00039 King Street WCobourg, ON K9A2M1 |