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Sussex Court

6780 Sussex Avenue, Burnaby

SOLD $2,500,000

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Price$2,549,000

Units12

Storeys3

Year built1966

Lot size9,739 sq. ft.

ZoningRM-3

Price/unit$212,417

Cap rate4.5%

GIM15.7

PID012-235-342

Legal descriptionLot 53 District Lot 153 Group 1 New Westminster District Plan 1566

Sale price$2,500,000

Sale date06/20/2012

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

Show less

	No. units	Average rent
One Bedroom	No. units1	Average rent$780
Two Bedroom	No. units11	Average rent$1,147

Financials

Financing	Approximately $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
Notes	Income 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 Goodman Commercial.