This large multi-family home is incredibly well located, the area is called Buckeye, Shaker and it is one of our most demanded areas in Cleveland, this property is within walking distance of the famous Shaker Square which is full of restaurants, bars, boutiques and even has a cinema The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs, both apartments are currently tenant occupied at $550 each per month. The property is managed by a great local Cleveland management company.
Buckeye Shaker is seen as a very strong investment area in Cleveland, less than 1 mile away you have the famous Shaker Square. This property is also only 5.4 miles from Downtown and 2.7 miles from the University Circle which has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 49,900
Gross annual rental income: $13,200
Property running costs: $2,517
(Tax, insurance and management costs)
Net annual rental income: $10,683
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 24%