The injured man was brought to Cork University Hospital with non-life threatening injuries and was later discharged.
The incident was later reported to Detective Gardaí in Bishopstown and an investigation commenced, with Gardaí gathering CCTV from the area.
On 16 January, Gardaí from the Serious Crime Units at Togher, Bishopstown and Douglas Garda Stations, with the assistance of the Armed Support Unit, carried out searches at two properties in Cork city but no arrests were made.
The injured party later told Gardaí that he had installed a 'find my phone' app, which Gardaí then utilised.
The phone was traced to a property on Brian Boru Street, where one of the stolen mobile phones and €6,300 of suspected cocaine were found by Gardaí. The suspected drugs will now be sent to Forensic Science Ireland for analysis.