This huge multi-family home is located in South Broadway close to the Lakeshore, the house is only a five minute walk from Holy Name Elementary School. The property is divided into two very large apartments, you have a large two bedroom apartment downstairs and a large three bedroom apartment upstairs. The downstairs tenant has been in the property for over 10 years now and wants to stay long term. The upper apartment is currently being made rental ready and a new tenant will be placed before you close on the property.This house offers exceptional value for money and is under management by a great local property management company.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 5.8 miles miles from Downtown and less than 5.7 miles from University Circle. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US..
Purchase price: 49,900
Gross annual rental income: $13,200
Property running costs: $2,905
(Tax, insurance and management costs)
Net annual rental income: $10,295
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%