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Marco Court

5977-5979 Wilson Avenue, Burnaby

Apartment Building
62 suites

SOLD $8,200,000

Overview

Built in approximately 1965, Marco Court consists of two 31-suite walk up apartment buildings totalling 62 suites located in the Metrotown area of Burnaby. The property is improved on a large 53,844 sq. ft. lot with a large courtyard separating the two buildings. Features include balconies, storage lockers and many upgrades. The site, because of its prime Metrotown location and large 1.38 acre lot size, is considered to have excellent redevelopment potential for condo and/or rental buildings.

Location

The subject property is located just 2 blocks west of the Metrotown Shopping Centre and just one block south of Kingsway in the Metrotown area of Burnaby. Convenient access to shopping, Skytrain, bus service and amenities.

Features

– Hardwood floors
– 30 balconies
– 44 open parking stalls
– 60 storage lockers
– 2 washers/2 dryers in each building
– Teledyne Laars water boiler (1997)
– Hot and cold copper piping was replaced (2003)
– Hot water tanks (2007)
– Torched on roof (2002)
– Kitchens have new fridges, stoves and approx 75% of cabinets refurbished
-Two unauthorized one bedroom suites

Summary

Price$9,200,000
Units62
Year Built1965
Lot Size53,844 sq.ft.
ZoningRM-3
PID002-560-470
Sale Price$8,200,000
Sale Date07/01/2010

Suite Mix

 No. Units
One BedroomNo. Units36
Two BedroomNo. Units22
Three BedroomNo. Units4

Financials

FinancingTreat as clear
Assessment 2010
Land
Building
Total
Land$4,310,000
Building$1,771,000
Total$6,081,000
Taxes 2010
$59,278.15
Income and Expenses
Effective Gross
Normalized Expenses
Net Operating Income
Effective Gross$679,083
Operating Expenses-245,000
Net Operating Income$434,083

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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