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41607948 - Buy a Townhouse in USA, Ohio, Cuyahoga County, City of Cleveland

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Five bedroom house

Property Information

Type: Townhouse Property ID: 41607948
Location: City of Cleveland, USA Added on: 23 Sep 2021
Price: £60,315

Short Description

This large five bedroom multi unit is a rare find at $81,900..

Key Information

  • Property ID: 41607948
  • Location: City of Cleveland
  • Property Type: Townhouse
  • Prices: £ 60,315 / € 67,170 / $ 81,900
  • Detatched
  • Garden
  • Off Street Parking
  • Outside Space

Full Description

This fantastic large multi-family home is located in Buckeye Shaker and is only five minutes and
1.2 miles from the centre of the famous Shaker Square. Shaker Square is one of the biggest
attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema.
The property is divided into three apartments, you have a large two bedroom apartment
downstairs and a large two bedroom apartment upstairs. The property also has a spacious one
bedroom attic conversion. The property has a good Section 8 tenant in place in one apartment
paying $711 each month in rent. The second apartment also has a Section 8 tenant in place
paying $405 in rent each month. The average rent for this apartment in this location is $650 –
$750 so should the tenant leave the rent could be increased. The one bedroom apartment is rent
ready and the management company will be placing a brand new tenant when the new owner
closes on the property paying $450 – $550 in rent each month.

Buckeye Shaker is seen as a very strong investment area in Cleveland, just over 1 mile away you
have the famous Shaker Square. The house is also just five minutes to Larchmere Blvd which is
host to a multitude of many quality cafe’s, restaurants, beauty salons, fashion shops and many
small businesses. This house is extremely well located.

 

Investment Calculation

Purchase price: 81,900

Gross annual rental income: $19,992

Property running costs: $3,257
(Tax, insurance and management costs)

Net annual rental income: $16,735

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 21%

Break even in 4.76 Years

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  • Townhouse
  • 5 bedrooms
  • USA
  • City of Cleveland
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