39 KING STREET W, Cobourg

About this property

$99,600 ANNUAL GROSS INCOME. APPROX. 6% CAP RATE. 4 INCOME STREAMS! An established, fully occupied mixed-use Commercial Residential FREEHOLD Brick Multi Unit in the heart of historic Downtown Cobourg. An attractive 4,390 sq. ft. brick building combining a prominent King Street retail storefront with 3 residential apartments, offering diversified income, immediate cash flow & manageable ownership. Approx. $78,719 annual Net Operating Income represents a 6.06% CAP RATE at the $1,299,000 asking price, based on supplied expenses, excluding vacancy, management & capital reserves. The commercial tenant pays $3,000/month base rent PLUS $700/month TMI, with a 3-year lease commencing March 2025. The bright 1,161 sq. ft. storefront offers excellent visibility, large display windows, high ceilings & flexible retail space, PLUS approx. 1,161 sq. ft. lower level with office, storage, laundry hookups, 2-pc bath & walkout access. Three residential apartments occupy the upper floors, with independent access & separate hydro meters. Current residential rents total $4,600/month, with month-to-month tenancies. Tenants pay their own electricity. Significant improvements include a 2016 membrane roof, 2016 residential furnace, 2018 hot water tank & 2024 fire retrofit. Two furnaces, separate hot water systems, multiple entrances & 3 rear parking spaces add functionality. Potential rear patio with plans available, subject to approvals. PRIME DOWNTOWN LOCATION steps to Victoria Hall, shops, restaurants, VIA Rail, Marina, Beach & Lake Ontario waterfront. Approx. 100 km east of Toronto. A STABILIZED INCOME PROPERTY OFFERING ESTABLISHED TENANCIES, DIVERSIFIED REVENUE & LONG-TERM OWNERSHIP VALUE IN A DESIRABLE WATERFRONT COMMUNITY. (id:66811)