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Sharon Court

6769 Dow Avenue, Burnaby
Multi-family

$1,850,000


Summary

Price
$1,950,000
GIM
18.9
Lot Size
10,200 SF
Units
10
Year Built
1958
Cap Rate
3.2%
Zoning
RM-3
Net Rentable Area
6,914
Price/Unit
$195,000
PID
010-253-491
Stories
2
Sale Price
$1,850,000
Sale Date
12/14/2012

Property Description

Sharon Court is a 2-level wood frame walk-up 10-suite apartment building located in Burnaby’s Metrotown neighbourhood. Clean & well maintained, the property features an excellent suite mix (6-1Br; 4-2Br), surface parking, hardwood floors, storage lockers and many upgrades.

Legal Description

Lot 14 DL 153 Group 1 NWD PL 16863

Location

Sharon Court is located on the west side of Dow Avenue, the second property north of Imperial Street in Burnaby’s popular Metrotown neighbourhood. Situated steps to a bus line; only one block to the Metrotown Mall and Skytrain Station.

Features

  • Well maintained 2 level wood-frame 10-suite apartment building
  • Central Burnaby location—one block south of Metrotown Mall
  • Great suite mix: 6 one bedroom & 2 two bedroom units
  • Stucco exterior with brick trim around front entrance
  • Surface parking around rear for 10 cars
  • One washer/dryer set owned by building
  • 2 suites have been substantially upgraded including new cabinets, appliances, counter tops, hardwood floors, etc.
  • Approx 80% of appliances have been replaced in last 10 years
  • Hydrotherm gas furnace (1984)
  • 3 hot water tanks (2011)
  • Suites feature hardwood floors
  • Hardwired heat/smoke detectors
  • Storage room contains 10 full size lockers
  • Oil tanks removed (2010)
  • Double pane windows (2000)
  • Tar & gravel roof (2000)
  • Hot water line replaced (2000)
  • All tenants on month-to-month agreements
  • Large workshop (originally an 11th suite—potential to convert back to bachelor suite)

Financial Summary

Financing: Treat clear as title.

Assessment 2011

Land: $1,071,000
Building: $615,000
Total: $1,686,000

Income and Expenses

Gross Income: $103,004
Vacancy: (1,030)
Effective Gross: $101,974
Operating Expenses: (39,249)
Net Operating Income: $62,725

 

For a current rent roll and expense statement, click here.

Suite Mix

No. Units Avg. Sq. Ft. Avg. Rent
One Bedroom 6 626 $797
Two Bedroom 4 789 $909

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