This large multi-family three apartment house is very well located on a very nice street in Woodland Hills less than five 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 apartments, you have two large two bedroom apartments and one large one bedroom apartment in the attic. All three apartments are currently occupied, the total rent is $1,550 per month, this property is managed by a great local property management company.
Woodland Hills is viewed as a very central location in Cleveland Ohio, it is just 4.9 miles from Downtown Cleveland, just 2.7 miles from the University Circle & only 1.9 miles from Shaker square. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US. .
Purchase price: 74,900
Gross annual rental income: $18,600
Property running costs: $3,964
(Tax, insurance and management costs)
Net annual rental income: $14,363
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years