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Sussex Court

6780 Sussex Avenue, Burnaby

Apartment Building
12 Suites

SOLD $2,500,000

Overview

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.

Location

Sussex Court is located on the north-east corner of Sussex Avenue and Imperial Street in Burnaby’s popular Metrotown’s neighbourhood.  Situated on a bus line, only one block to the Metrotown Mall and Skytrain Station.

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 

Summary

Price$2,549,000
Units12
Storeys3
Price/Unit$212,417
Cap Rate4.5%
GIM15.7
Year Built1966
Lot Size9,739 sq. ft.
ZoningRM-3
PID012-235-342
Sale Price$2,500,000
Sale Date06/20/2012

Suite Mix

 No. UnitsAvg. Rent
One BedroomNo. Units1Avg. Rent$780
Two BedroomNo. Units11Avg. Rent$1,147

Financials

FinancingApproximately $1,000,000 with VanCity at an interest rate of 4.75% due July 2014.  Seller will clear title.
Assessment 2012
Land
Building
Total
Land$1,022,000
Building$1,068,000
Total$2,090,000
Taxes 2011
$14,101
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$162,240
Vacancy(2,434)
Effective Gross$159,806
Operating Expenses(45,044)
Net Operating Income$114,762
NotesIncome annualized as of January 2012. For a current 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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