This huge multi-family home is located on a very nice street in Corlett, just five blocks from Harvard Community School and less than 10 minutes from Shaker Square, which is one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. The property is divided into two very large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments have been recently refurbished and one tenant is already in place, the second tenant moves in on December 19th. The total rent is $15,600 per year .This property is under management by one of the leading Cleveland property management companies.
Corlett is viewed as a very central location in Cleveland Ohio, it is just 7.2 miles from Downtown and 5.1 miles from University Circle which has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 54,900
Gross annual rental income: $15,600
Property running costs: $3,100
(Tax, insurance and management costs)
Net annual rental income: $12,500
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%