This large multi family home is located in the highly sought after area of North Collingwood right next to the famous Manhattan Beach and only five minutes from the Lakefront. The property is divided into two very large apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs, the total rental income per year is $14,400 per year. This property is under management by a great local property management company.
North-Collinwood is seen as a very strong investment area in Cleveland, it is right next to the Waterloo District, Euclid, Bratenahl and the I90 (highway). E 147th Street runs off of Lakeshore Blvd, which is a popular lake front road in Cleveland. Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks.
Purchase price: 49,900
Gross annual rental income: $14,400
Property running costs: $3,064
(Tax, insurance and management costs)
Net annual rental income: $11,336
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%