This is a rare opportunity to buy a large triplex house in one of the most demanded areas in Cleveland, properties like this do not come on the market very often. This property is located in Glenville only 1.6 miles from Glenville High School, which is one of the best high schools in Cleveland. This property is made up of two very large two bedroom apartments and one large one bedroom apartment, all three apartments are tenant occupied This is the best rental property on the market today in Cleveland and is under management by a great local property management company.
Glenville is seen as a very strong investment area in Cleveland, it is right next to the Waterloo District, Euclid, Bratenahl and the I90 (highway).10012 Parkgate Avenue is close to 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: 59,900
Gross annual rental income: $17,100
Property running costs: $3,057
(Tax, insurance and management costs)
Net annual rental income: $14,043
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 24%