This large triplex house is located on a nice street in South Broadway just 5.5 miles from Downtown Cleveland. On the ground floor you have a large three bedroom apartment, then upstairs you two one bedroom apartments, all three apartments are currently occupied. This property is under management by one of the leading Cleveland property management companies.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 5.5 miles miles from Downtown and 6.5 miles from University Circle. University Circle has the highest concentration of cultural attractions and performing arts venues in the whole of the US, such as the Cleveland Museum of Art; Severance Hall, Cleveland Institute of Art; Case Western Reserve University, plus many more.
Purchase price: $56,000
Gross annual rental income: $15,300
Property running costs: $3,512
(Tax, insurance and management costs)
Net annual rental income: $11,788
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%