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Sussex Court

6780 Sussex Avenue, Burnaby
Multi-family

$2,500,000


Summary

Price
$2,549,000
GIM
15.9
Building Size
$14,101 (2011)
Lot Size
9,739 SF
Units
12
Year Built
1966
Cap Rate
4.4%
Zoning
RM-3
Price/Unit
$216,250
PID
012-235-342
Stories
3
Sale Price
$2,500,000
Sale Date
6/20/2012

Property Description

12 Suites

Sussex Court is a low-rise wood frame walk-up 12-suite apartment building located in Burnaby’s Metrotown neighbourhood. Extensively renovated, the building features an excellent suite mix (11-2Br; 1-1Br), surface parking, storage lockers and laundry facilities.

Property Features

  • Surface parking for 7 cars
  • On bus line (Sussex Avenue)
  • Polished hardwood floors
  • Suites feature hardwired smoke & heat detectors
  • Fire preventing doors installed in hallways on all three floors
  • Laundry room with one set of washer/dryer owned by building
  • Gas fired hot water heat
  • Oil tank removed
  • 8 small lockers for tenants
  • Fire escapes on north & south side
  • One suite unauthorized (one bedroom)

Upgrades

The entire building underwent an extensive renovation in 2007 at a cost of $560,000:

  • Torch-on roof
  • Low-E double glazed windows
  • Stucco exterior painted
  • Carpets replaced in hallway
  • New ceramic tiles in lower level hallway
  • New laundry room, storage lockers and mailboxes
  • Hot and cold water pipes replaced
  • New sump pump & drain tiles replaced
  • 2 new hot water tanks
  • New blacktop parking lot

 

Interior suite renovations include:

  • Interior plumbing replaced
  • New electrical breakers
  • New venetian blinds
  • Kitchens: New fridges, stoves, exhaust fans, cabinets, sinks, countertops
  • Bathrooms: New tubs, toilets, vanities, floor-to-ceiling tile
  • In suite heat controls
  • Polished hardwood floors

Legal Description

Lot 53 District Lot 153 Group 1 New Westminster District Plan 1566

Financial Summary

Financing: Approximately $1,000,000 with VanCity at an interest rate of 4.75% due July 2014. Seller will clear title.

Assessment 2011

Land: $1,022,000
Building: $1,068,000
Total: $2,090,000

Income and Expenses

Gross Income: $162,240
Vacancy: (2,434)
Effective Gross: $159,806
Operating Expenses: (45,044)
Net Operating Income: $114,762

 

Note: Income annualized as of January 2012. For a current rent roll and expense statement, click here.

Suite Mix

No. Units Avg. Rent
One Bedroom 1 $780
Two Bedroom 11 $1,147

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