This large three apartment multi-family home is located on a very nice street in Mount Pleasant just six minutes from the famous Shaker Square, one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. The property is divided into three very large apartments, you have a large three bedroom apartment on the ground floor, a large three bedroom on the middle floor and a large two bedroom apartment on the top floor. This property comes with a $20,000 refurbishment included in the price to modernise and bring the property up to date, the management company have tenants ready to be placed once the work is completed.This property is under management by a great local management company.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.7 miles away you have the famous Shaker Square which is one of the biggest attractions in Cleveland. This property is also only 6.9 miles from Downtown and 4.6 miles from the University Circle.
Purchase price: 71,900
Gross annual rental income: $18,600
Property running costs: $3,530
(Tax, insurance and management costs)
Net annual rental income: $15,070
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%