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Sharon Court

6769 Dow Avenue, Burnaby

Apartment Building
10 suites

SOLD $1,850,000

Overview

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.

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)

Summary

Price$1,950,000
Units10
Storeys2
Net Rentable Area6,914 sq. ft.
Price/Unit$195,000
Cap Rate3.2%
GIM18.9
Year Built1958
Lot Size10,200 sq. ft.
ZoningRM-3
PID010-253-491
Sale Price$1,850,000
Sale Date12/14/2012

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
One BedroomNo. Units6Avg. Sq. Ft.626Avg. Rent797
Two BedroomNo. Units4Avg. Sq. Ft.789Avg. Rent909

Financials

FinancingTreat clear as title.
Assessment 2012
Land
Building
Total
Land$1,071,000
Building$615,000
Total$1,686,000
Taxes 2012
$7,190.45
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$103,004
Vacancy(1,030)
Effective Gross$101,974
Operating Expenses(39,249)
Net Operating Income$62,725
NotesFor a current rent roll & 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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