This is a unique opportunity to buy a large multifamily home and a single family home on the same lot. Both houses have been updated and both houses are tenant occupied.The multi-family home is made up of two large two bedroom apartments, you have a Section 8 tenant downstairs and a private tenant upstairs. The single family home is a one bedroom house and is also tenanted, this property has a brand new roof. This property is incredibly well located, the area is called Buckeye, Shaker and it is our most demanded area in Cleveland, this property is within walking distance of the famous Shaker Square which is full of restaurants, bars, boutiques and even has a cinema. This property is under management by a great local management company and all of the tenants have just signed new leases, the rent is over $20,000 a year.
Buckeye Shaker is seen as a very strong investment area in Cleveland, less than .6 miles away you have the famous Shaker Square which is one of the biggest attractions in Cleveland.
Purchase price: $74,900
Gross annual rental income: $20,400
Property running costs: $4,794
(Tax, insurance and management costs)
Net annual rental income: $15,606
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%