This large triplex house is located on a nice street in North-Collinwood just 8.3 miles from Downtown Cleveland. This property is made up of two very large two bedroom apartments and one large one bedroom apartment. Two of the apartments are tenant occupied and the third apartment has just been refurbished, there is a new tenant moving into the apartment within the next seven days. This property is in a great condition, the roof was only recently replaced. The furnaces are also relatively new and there is a large detached garage and communal decking area at the back of the property.
North-Collinwood is seen as a very strong investment area in Cleveland, it is right next to the Waterloo District, Euclid, Bratenahl and the I90 (highway). E 147th Street runs off of Lakeshore Blvd, which is a popular lake front road in Cleveland. Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks in the neighborhoods on the north side.
Purchase price: $56,900
Gross annual rental income: $17,400
Property running costs: $5,187
(Tax, insurance and management costs)
Net annual rental income: $12,213
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%