This fantastic three apartment multi family home is located on a nice street in Broadway/Slavic
Village which is just 5 miles from Downtown Cleveland. This property is also less than one mile
from the centre of Slavic Village and right on the border of Newburgh Heights, a very affluent
area of Cleveland.
The property is split into three individual apartments. There are two spacious two bedroom
apartments and one large one bedroom apartment. The one bedroom apartment has a tenant
in place paying $450 in rent each month. Both two bedroom apartments are rental ready and
the management company will place brand new tenants when the new owner closes on the
property each paying $650 in rent each month.
Broadway/Slavic Village is viewed as a very central location in Cleveland Ohio, it is just 5 miles
from Downtown and 6.7 miles from University Circle. The property is also just less than one
mile from the centre of Slavic Village which is going through large development projects. This
is one of the most up and coming areas in the City and in huge demand by investors due to
new build properties increasing the value of the properties in the surrounding areas.
Purchase price: 84,900
Gross annual rental income: $21,000
Property running costs: $4,138
(Tax, insurance and management costs)
Net annual rental income: $16,862
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years