This huge triplex multi-family home is located on a very nice street in South-Collinwood, it is just five minutes from the Lakeshore and only two minutes from Collingwood High School. The property is divided into three large apartments, you have two large two bedroom apartments and one large one bedroom apartment. All three apartments are in a great condition and all have tenants in place, the total rent is $21,000 per year . This property is under management by a great local management company.
South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, this property is only 8.8 miles from Downtown.
Purchase price: 76,900
Gross annual rental income: $21,000
Property running costs: $4,010
(Tax, insurance and management costs)
Net annual rental income: $16,990
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%