This huge three apartment multi-family brick built home is located in Mount Pleasant and is only eight minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars and boutiques. The property is divided into three large apartments, you have a large two bedroom apartment downstairs a large two bedroom apartment upstairs, both units are Section 8 tenanted and are paying $500 each per month. The top one bedroom apartment has just been made rental ready and a new tenant will be moving in shortly who will be paying $425 per month.
Mount Pleasant is seen as a very strong investment area in Cleveland, just 2.3 miles away you have the famous Shaker Square which is one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. This property is also only 7 miles from Downtown and 4.9 miles from the University Circle.
Purchase price: 68,900
Gross annual rental income: $17,100
Property running costs: $3,480
(Tax, insurance and management costs)
Net annual rental income: $13,620
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%