This large four bedroom multi-family home is located on a nice street in the highly sought after area of Mount Pleasant, just 1.8 miles from the famous Shaker Square. The property is divided into two very large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments are in a good condition and both apartments are tenant occupied, the total rent is $14,400 per year. This property is under management by a great local company.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.8 miles away you have the famous Shaker Square which is one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. This property is also only 6.8 miles from Downtown and 4.6 miles from the University Circle.
Purchase price: 49,900
Gross annual rental income: $14,400
Property running costs: $3,737
(Tax, insurance and management costs)
Net annual rental income: $10,663
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%