This huge brick four apartment multi-family home is located on a very nice street in
Woodland Hills less than 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 four large apartments, all four apartments have two
bedrooms. Two of the apartments are currently tenanted at $1,050 per month, the
management company will place two new tenants into the vacant apartments when
the new owner closes on the property, the rent will be $650 each per month. This
property is in a very good condition given its price and location.
Woodland Hills is viewed as a very central location in Cleveland Ohio, it is just 4.7
miles from Downtown Cleveland, just 2.6 miles from the University Circle & only 1.8
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: 134,900
Gross annual rental income: $28,200
Property running costs: $4,718
(Tax, insurance and management costs)
Net annual rental income: $23,418
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years