Marco Court

5977-5979 Wilson Avenue, Burnaby

SOLD $8,200,000

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Price$9,200,000

Units62

Year built1965

Lot size53,844 sq.ft.

ZoningRM-3

PID002-560-470

Legal descriptionLot 58 DL 151 & 153 Group 1 NWD PL 25603

Sale price$8,200,000

Sale date07/01/2010

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

Show less

	No. units
One Bedroom	No. units36
Two Bedroom	No. units22
Three Bedroom	No. units4

Financials

Financing	Treat 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 Goodman Commercial.