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Ponente Apartments

6557 Burlington Street, Burnaby

Apartment Building
31 Suites

SOLD $5,000,000

Overview

The subject property is a well maintained 3-storey wood frame 31-suite apartment building located in Burnaby’s Metrotown neighbourhood. The building features an elevator, balconies, large suites and secured underground parking.

Location

The property is centrally located in the Metrotown neighbourhood of Burnaby, situated on the west side of Burlington Avenue, a block south of Kingsway, a block west of Royal Oak and 2 blocks north of Imperial St. Metrotown Shopping Mall, Skytrain and Bonsor Park are within immediate walking distance.

Features

-Large lot at 21,384 sq. ft.
-Attractive marble entrance
-Security cameras
-Elevator and secure parking for 31 cars
-31 storage lockers
-Laundry room: 2 washers/2 dryers leased
-Natural gas hot water heating system
-Extra large suites with balconies
-Security camera
-Hallway carpets replaced (2009)
-Horizontal water lines replaced in 1st floor (2009)
-Ongoing maintenance program including appliance renewal

Summary

Price$5,295,000
Units31
Price/Unit$170,806
Cap Rate3.8%
GIM15.9
Year Built1967
Lot Size198' x 108'
ZoningRM-2
PID002-956-861
Sale Price$5,000,000
Sale Date01/05/2012

Suite Mix

 No. Units
BachelorNo. Units3
One BedroomNo. Units18
Two BedroomNo. Units9
Three BedroomNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$2,044,000
Building$2,067,000
Total$4,111,000
Taxes 2010
$18,380
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$337,802
Vacancy(5,067)
Effective Gross$332,735
Operating Expenses(129,498)
Net Operating Income$203,237
NotesIncome annualized as of August 2011.  2010 Expenses.  For a rent roll and expense statement, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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