This fantastic two apartment multi family home is located in the Waterloo Art District in North
Collinwood, right next to the Lakefront and close to the new Amazon facility. The Waterloo District is
known as a bustling area with art studios, entertainment, restaurants, bars and retail, it is the place
to go out on the Eastside of Cleveland.
The property is divided into two large apartments, you have a large two bedroom apartment
downstairs and a large three bedroom apartment upstairs. The property has a good long term
tenant in place in the two bed paying $600 in rent each month. The ,market rent for this apartment
is $750 so should the tenant leave the rent could be increased. The second apartment has just
been vacated and will be supplied by the seller rental ready. The management company will place
brand new tenants when the new owner closes on the property paying $850 in rent each month.
The Waterloo Arts District is a funky, indie community, with lots of cool little galleries and studios.
You can hear live music at one of the best venues in the country or browse an awesome indie
music store. The coffee shops roasts all their own beans, and there are plenty of great places to eat
within a five-minute drive.Just ten minutes to downtown Cleveland, the Lakefront is also just five
Purchase price: $84,900
Gross annual rental income: $17,400
Property running costs: $2,990
(Tax, insurance and management costs)
Net annual rental income: $14,410
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 17%
Break even in 5.8 Years