This is a unique opportunity to purchase a huge four apartment house located on a nice street in Saint Clair-Superior just 2.7 miles from the famous University Circle. Saint Clair-Superior is close to the great lake, borderline lake properties offer lots of potential for future growth. The property is divided into four very large apartments and has recently been made rental ready, two apartments have brand new tenants moving in on the13th of October and the management company have just screened tenants for the remaining two apartments. Each tenant is paying $600 per month, this is a great investment property and is managed by a great local Cleveland management company.
Saint Clair-Superior is viewed as an up and coming area in Cleveland due to its close proximity to the lake, it is also just 2.5 miles from Downtown and 2.7 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: 109,900
Gross annual rental income: 28800
Property running costs: $3,880
(Tax, insurance and management costs)
Net annual rental income: $24,920
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%