For Sale · Retail

331 MAIN STREET, Norfolk (Port Dover)

331 MAIN STREET, Norfolk (Port Dover), ON N0A1N0

$1.6M total

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Asset Class

Retail

Size

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Building class

B

Zoning

CSC — Shopping Centre

$ / SF

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Occupancy

86%

About this property

Situated in the heart of downtown Port Dover, 331 Main St is a large mixed-use commercial property offering a sound investment opportunity in a prime lakeside community business location. This substantial semi-detached building with streetfront visibility, steady car and foot traffic and dual-street access spanning all the way back to St. George Street. In addition to the Public Parking lot next door and available street parking, there is the added bonus of a sizeable private parking lot off of St. George Steet for customers, staff and deliveries. The main level features 5,536 square feet of commercial space, currently rented by a well established retail store along with the expansive basement which provides functional storage space, a private office, kitchenette/staff room, and a washroom. The upper level houses two fully self-contained residential apartments, each with independent private entrances (at either end of the building), kitchens, dedicated in-suite laundry rooms, and private rooftop patio areas. The first upper unit boasts a spacious 3-bedroom, 1-bathroom layout, while the second unit offers a comfortable 1-bedroom, 1-bathroom configuration. This versatile property has had several recent updates and seamlessly combines steady commercial income with residential revenue in the downtown core of this popular lakeside community. (id:66811)

Financial sandbox

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Estimate
Purchase price$1.58M
Down payment30% · $474K
Interest rate6.25%
Amortization25 years
Occupancy86%
Expense growth2.5%

Monthly debt service

$7K

Projected NOI

$70K

Annual cash flow

$-17K

Cash-on-cash

-3.61%

DSCR

0.80

Going-in cap

4.46%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

128,364

Households

50,928

Median income

$109,500

Median age

34.5

Daytime population

145,420

5-yr growth

1.9%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 331 MAIN STREET, Norfolk (Port Dover).

NDA required
  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.