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$ 1,299,000
Est. payment /mo
Active
39 King ST W Cobourg, ON K9A 2M1
5 Baths
4,390 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 4,390 sqft
Price per Sqft $295
Subdivision Cobourg
MLS Listing ID X12641452
Annual Tax Amount $8,916
Tax Year 2025
Property Sub-Type Investment
Property Description
FULLY OCCUPIED DOWNTOWN COBOURG INVESTMENT generating $93,600 in annual gross income. This well-maintained 4,390 sq. ft. mixed-use freehold combines a prominent King Street retail storefront with three residential apartments, offering diversified income from four tenancies. Approximate NOI of $71,974 based on supplied operating expenses represents an approximate 5.54% cap rate at the asking price.The main-floor commercial tenant occupies approximately 1,161 sq. ft. plus a similarly sized lower level and is in the second year of a three-year lease commencing March 1, 2025. The bright storefront features large display windows, high ceilings, flexible retail space and roughed-in plumbing for salon or esthetic uses. The walkout lower level provides an office, storage, laundry hookups and a 2-piece bath.Three separately metered apartments occupy approximately 2,054 sq. ft. across the upper floors and have a private entrance independent of the commercial premises. Two residential leases extend to January 31, 2028, while the third tenancy is month-to-month. Tenants pay their own hydro.Investor-friendly improvements include a newer membrane roof and residential furnace, 2024 fire retrofit and separate furnaces. Four entrances, three rear parking spaces and walkout access support convenient tenant operations. Potential also exists for a rear patio or future expansion, subject to approvals. Located in Cobourg's historic downtown near Victoria Hall, shopping, dining, VIA Rail, the marina and Lake Ontario. A stabilized, easily managed asset combining immediate income, established tenancy and long-term downtown value. Turnkey Income. Cap Rate: 5.5% approx. at full list price. A rare chance to acquire a hands-off, stabilized asset in a destination market with strong fundamentals, consistent rental demand, and upside through future growth-all within a manageable drive or train ride from Toronto.
Location
Province ON
County Northumberland
Area Northumberland
Interior
Cooling Yes
Exterior
Utilities Available Yes
Lot Frontage 22.26
Lot Depth 115.6
Building
Building Age 100+
Others
Security Features No
ParcelsYN No
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Listed by Century 21 United Realty Inc.