This fantastic four apartment multi family home is located in Goodrich-Kirkland which is just 1.8
miles and walking distance to Downtown Cleveland. Properties close to the City rarely come
onto the market at the right price as there is huge potential for future capital appreciation.
The property is split into four apartments. You have two large two bedroom apartments
downstairs and two large two bedroom apartments upstairs. The property has tenants in two
apartments that have resided in the property for a long time paying way under the market rent,
both units generate $825 in rent each month so the rent could be increased in the future. The
remaining two apartments will be supplied rental ready by the seller and the work is included
in the price. The work will begin after closing, once completed the management company will
place brand new tenants in both apartments each paying $800 in rent per month.
Goodrich-Kirkland Park is an extremely well located suburb which is just walking distance East
of the centre of downtown. The property is very close to Burke Lakefront Airport just to the
North. Due to the proximity of the City and every amenity possible this area is very highly
demanded for rentals and investors looking for long term capital appreciation.
Purchase price: 144,900
Gross annual rental income: $29,100
Property running costs: $6,910
(Tax, insurance and management costs)
Net annual rental income: $22,190
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 16%
Break even in 6.25 Years