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El Ray Apartments

6663 Sussex Avenue, Burnaby

Apartment Building
10 Suites

SOLD $1,050,000

Overview

El Ray Apartments is a 10 unit, frame, two storey walk-up apartment building located in Burnaby. Built in 1957, the property features hardwood floors, covered rear parking, lockers and separate laundry. Rents 20% below market.

Location

The subject property is located midway on Sussex Avenue, between Beresford St. to the north and Imperial St. to the south. It is only a 5 minute walk to Metrotown Shopping Centre and Skytrain.

Building Notes

While structurally sound, some suites are in need of TLC. Off-shore owner. Building is under property management, however, there is no caretaker. Torch-on roof approximately 2-3 years old and hot water tank replaced 6 months ago. Ongoing program of appliance renewal.

Summary

Price$998,000
Units10
Price/Unit$99,800
Cap Rate3.5%
GIM13.2
Year Built1957
Lot Size8,778 sq. ft.
ZoningRM-3
PID002-970-872
Sale Price$1,050,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units9

Financials

FinancingClear title.
Assessment 2006
Land
Building
Total
Land$465,000
Building$501,000
Total$966,000
Taxes 2006
$5,258.69
2005 Income & Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$75,747
Operating Expenses(40,696)
Net Operating Income$35,051
NotesRents should be 10-15% higher on renovation and turn-over. For a rent roll and expenses 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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