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.
Suite mix
| No. units | |
|---|---|
| Bachelor | No. units1 |
| One Bedroom | No. units9 |
Financials
| Financing | Clear 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 |
| Notes | Rents 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 Goodman Commercial.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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