This great large two apartment multi family home is located on a nice street in South
Broadway which is just 5.9 miles from Downtown Cleveland. This property is also just
three minutes to the centre of Slavic Village one of the most demanded areas in
The property is split into two apartments. You have a large two bedroom apartment
downstairs and a large three bedroom apartment upstairs. The property has tenants in
both apartments and the total monthly rental income is $1,000 each month. The `average
rent for this property in this location is nearer $650 per apartment so should a tenant
leave the rent could be increased.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 5.9 miles
miles from Downtown and 5.4 miles from University Circle. The property is also just three
minutes to the centre of Slavic Village. Slavic Village is going through large development
projects with many new build homes also being built on vacant plots. This is one of the
most up and coming areas in the City and in huge demand by investors.
Purchase price: 54,900
Gross annual rental income: $12,000
Property running costs: $2,640
(Tax, insurance and management costs)
Net annual rental income: $9,360
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 17%
Break even in 5.8 Years