This huge house offers incredible value for money for a multi-family home in Cleveland , it is located on a very nice street in North Broadway, just five minutes from Cleveland Central High School. The property is divided into two very large apartments, you have a large three bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments are tenant occupied, the total rent is $11,100 per year .This property is under management by a great local management company.
North Broadway is viewed as a very central location in Cleveland Ohio, it is just 4 miles from Downtown and 5.5 miles from University Circle. The University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US
Purchase price: 34,900
Gross annual rental income: $11,100
Property running costs: $2,420
(Tax, insurance and management costs)
Net annual rental income: $8,680
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 25%