This huge four apartment multi-family home is located in the sought after area of
Glenville, just five minutes from Glenville High School which is one of the best
schools in Cleveland. The property is also very well positioned, directly opposite
the Cleveland Metroparks lakefront, a beautiful nature reserve.
The property is divided into four large two bedroom apartments. One apartment
already has tenants in place paying $585 in rent each month. The other three
apartments have just been updated and made rental ready and the management
company will place brand new tenants when the new owner closes on the
property paying $600 – $650 each in rent per month.
Glenville is seen as a very strong investment area in Cleveland, it is close to the
Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing
for bus lines, bike trails, and allows access to the beach parks in the
neighbourhoods on the Northside. It is also just 3.7 miles from Downtown and just
2.4 miles from the University Circle.
Purchase price: 145,900
Gross annual rental income: $30,420
Property running costs: $4,582
(Tax, insurance and management costs)
Net annual rental income: $25,838
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years